EU tries to confiscate frozen Russian assets — Bloomberg

The European Union is assessing the legal and financial consequences of the confiscation of assets of the Central Bank of Russia under sanctions in favor of Ukraine. This is reported by Bloomberg, citing sources.

According to sources who wished to remain anonymous, the EU diplomatic service, as well as a number of member states, are studying whether judicial decisions will be required as a legal basis for the seizure of frozen Russian assets, or whether the calculation of damages will suffice.

"So far, the European Union and the G7 countries have used the profits received from Russian assets under sanctions in the amount of about $ 300 billion to provide assistance to Ukraine. In accordance with the G-7 plan, Kiev's allies approved a mechanism in which profits will be used to support a loan package for Kiev in the amount of 50 billion euros ($52.5 billion). The decision to confiscate the money and transfer it It would be a significant departure for Ukraine from the current approach," the agency reports.

As sources said, now a number of member countries The EU is assessing what impact such a move will have on the euro as a currency. They also assess the potential consequences of the decision of third countries to withdraw assets from States that continue to confiscate.

The EU foreign ministers discussed this idea yesterday at a meeting in Brussels. When EU leaders meet on Thursday at the summit in Brussels, the Baltic States and Sweden may resume discussions on "more efficient use of immobilized Russian assets."

US President Joe Biden continues to urge the EU, which holds most of the frozen Russian assets, to seek confiscation, the agency notes.

As reported by EADaily, the European Union needs half a trillion euros for rearmament over the next 10 years, but it is unclear where to get such funds. The French Le Monde wrote about this.