‘EU will spend Russia’s frozen assets on Ukraine’

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'EU will spend Russia's frozen assets on Ukraine'

The European Union has begun considering using Russia’s frozen assets to rebuild Ukraine.

The president of the European Union says that Russia’s seized assets can be used for the reconstruction of Ukraine. Russian frozen assets can be used for the reconstruction of Ukraine.

The European Union has frozen more than 310 billion dollars of assets of Russia so far. The European Union has frozen assets of 19 billion euros of Russian people.

Justice Commissioner Didier Renderers, speaking to the German media group, said that the assets of 90 Russians have been frozen so far and the value of these assets frozen in seven member states is more than 17 billion euros.

Among them are 2.2 billion euros of assets frozen in Germany, and Ukrainian authorities are demanding that these frozen assets be used to rebuild their country after the war.

If money seized by the EU is the proceeds of criminal activity, it could be transferred to Ukraine’s reparations fund, Rendez said in the interview.

The report added that this amount would not be enough to finance the reconstruction of Ukraine. Due to Western sanctions, 300 billion euros of foreign exchange reserves of Russia’s central bank have been frozen worldwide.

This money can be used as collateral and held as collateral until Russia is willing to voluntarily participate in the reconstruction of the war-torn areas of Ukraine.

It should be noted that since the occupation of Crimea by Russia in 2014, the European Union has frozen the assets of 1236 people, including Russian President Vladimir Putin and Foreign Minister Sergei Lavrov, and their entry into the member countries of the organization has been banned.