NewsWorldEU to examine using confiscated Russian assets for reconstruction

EU to examine using confiscated Russian assets for reconstruction

European Council President Charles Michel has urged the block’s national leaders to push forward with talks on using $300 billion-worth of confiscated Russian central bank assets for the reconstruction of Ukraine.

This is what the Financial Times reported on Monday, adding that Michel also said he wanted to explore the idea of managing the Russian central bank’s frozen assets to generate profits.

These could then be earmarked for reconstruction efforts, the newspaper reported.

It is a question of justice and fairness and it must be done in line with legal principles, the FT quoted Michael as saying in an interview.

The European Union had blocked 300 billion euros of the Russian central bank’s reserves in November to punish Moscow for the invasion of Ukraine.

(Reuters)

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