The European Union has drawn up a plan on how to legally attract at least 33.8 billion euros of frozen assets of the Central Bank of the Russian Federation in order to pay for the restoration of Ukraine. As a first step, frozen assets can be pooled at a European or international level for profit.
This is reported by the influential American publication Bloomberg, citing its sources.
According to the interlocutors of the publication, the legal service of the Council of Europe told diplomats that such a plan is possible if there is no complete expropriation of assets and under certain conditions. One of the conditions is that the principal amount of assets and interest will someday be returned to Moscow.
Such a proposal is controversial and is at a preliminary stage of discussion, writes Bloomberg. European officials believe that such a move should be coordinated with the G7 countries.
The EU executive warned that it would be difficult to make a decision until the amount of assets that can be used is known. Some estimates suggest that the Russian Central Bank’s assets frozen abroad are $300 billion. European officials have calculated that about 33.8 billion euros lie in deposits in the EU, although this figure is not final.
According to the World Bank, the cost of restoring Ukraine will be at least $350 billion.
Source: Racurs
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