EU Wants to Cash Frozen Russian Assets But Lacks Legal Options

The European Union is mulling ways to cash Russia’s frozen assets, claiming that the proceeds will go towards rebuilding Ukraine.

In response to Moscow’s military operation in Ukraine, the EU has thus far frozen over €300 billion worth of Russian central bank reserves, and €19 billion in assets owned by Russian citizens. However, EU lawmakers are now looking into ways they can cash those assets, and supposedly use them to aid Ukraine’s recovery from the conflict. The issue at hand, though, is that in order to legally seize the funds, Russia would need to be convicted of a crime.

“In the short term, we could create, with our partners, a structure to manage these funds and invest them. We would then use the proceeds for Ukraine,” said EU president Ursula von der Leyen in a statement on Wednesday. Bloc officials have so far spent months debating how to go about such a move, and are proposing creating a UN-backed specialized court “to investigate and prosecute Russia’s crime of aggression.”

“We will work on an international agreement with our partners to make this possible. And, together, we can find legal ways to get to it,” exclaimed von der Leyen. The European Commission suggested establishing a short-term fund to invest and manage the seized liquid capital, and once sanctions are lifted and a peace deal is reached, the funds would be returned to their rightful Russian owners. “The damage suffered by Ukraine is estimated at 600 billion euros. Russia and its oligarchs have to compensate Ukraine for the damage and cover the costs for rebuilding the country,” she added.

Information for this briefing was found via Reuters and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Steadright To Conduct Multi-Phased Exploration At Historic Goundafa Polymetallic Mine

Goliath Resources Drills 10.72 g/t Gold Over 7.83 Metres At Surebet

Related News

Quebec Bans Oil and Gas Exploration

Quebec just became the first region in the world to ban oil and gas exploration...

Thursday, April 14, 2022, 04:27:00 PM

Putin Retaliates: Moscow Announces Export Bans in Response to Western Sanctions

Russian President Vladimir Putin imposed an export ban on various goods and agricultural commodities in...

Thursday, March 10, 2022, 01:58:00 PM

The Great Oil Sale! Russia Sells Heavily Discounted Crude to India as Sanctions Bite

Russian President Vladimir Putin is offering substantial discounts on oil sales to India, as crippling...

Thursday, March 31, 2022, 05:37:00 PM

Germany Weighs Extending Lifespan of Nuclear Power Plants in Effort to Secure Country’s Energy Supply

Germany is mulling whether or not to extend the lifespan of its existing nuclear power...

Monday, February 28, 2022, 11:32:00 AM

UK’s New Sanctions On Russia Includes Diamonds As G7 Vows To “Starve The Russian War Machine”

Britain launched new sanctions on Russia on Friday, as G7 leaders gathered in Japan for...

Friday, May 19, 2023, 10:31:06 AM