ContributorsPublishersAdvertisers

EU proposal would send proceeds of frozen Russian funds to Ukraine

Reuters
Reuters
 2022-11-30
https://img.particlenews.com/image.php?url=2U35LP_0jS68Ike00

BRUSSELS, Nov 30 (Reuters) - The European Commission proposed a plan on Wednesday to compensate Ukraine for damage from Russia's invasion with proceeds from investing Russian funds frozen under sanctions.

Officials in the EU, United States and other Western countries have long debated whether Ukraine can benefit from frozen Russian assets, including around $300 billion of Russia's central bank reserves and $20 billion held by blacklisted Russians.

Moscow says seizing its funds or those of its citizens amounts to theft.

"Russia must ... pay financially for the devastation that it caused," Ursula von der Leyen, president of the EU's executive said in a statement.

"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."

European Commission officials said that one short-term option for Western nations would be to create a fund to manage and invest liquid assets of the central bank, and use the proceeds to support Ukraine.

The assets would be returned to their owners when sanctions were lifted, which could be part of a peace agreement that ensured Ukraine received compensation for damages.

"It's not easy so it will require strong backing from the international community but we believe it is doable," one official said.

With regard to the frozen assets of private individuals and entities, seizing these is usually only legally possible where there is a criminal conviction.

The Commission has proposed that violations of sanctions could be classified as an offence that would allow confiscation.

Von der Leyen also said that the Commission was proposing the establishment of a specialised court, backed by the United Nations, "to investigate and prosecute Russia's crime of aggression".

Moscow denies its invasion, which it calls a "special military operation", constitutes aggression, a war crime under international law.

Our Standards: The Thomson Reuters Trust Principles.

Comments / 67

1NewAfrican
11-30

Good ! Send every "dollar" and every "euro" to Ukraine ! By the way , if the Russians object give them the most respected salute in the history of mankind... the Italian kind !

Reply
17
JasonSound&Vision
11-30

they should do it. it can help pay for all the damage, purchase supplies and weapons. then if the Russians continue to attack they are literally paying to kill themselves.

Reply(1)
13
Robert Smith
12-01

war mongers Russians will be the poorest people on earth for many generations when they have to pay for all the destruction they caused

Reply(2)
15

Comments / 0