EU is Getting Closer to Frozen Russian Assets

EU is Getting Closer to Frozen Russian Assets


The European Commission (EC) intends to legalize frozen and already confiscated Russian assets. As reported by Bloomnberg, the EC is developing relevant legislation.

According to the agency, the European Commission plans to expand the powers of the EU member states to seize assets of legal entities and individuals. After that the list of crimes is supposed to include “violation of sanctions,” whereas now it includes “corruption” and “money laundering.”

In fact, the European Commission is now working on the development of such legislation, which will justify the seizure of assets subject to sanctions, according to Bloomnberg. Under the rules currently in place, assets that are now under sanctions can only be frozen. Meanwhile, this makes it extremely difficult and expensive to manage and use them.

According to Bloomberg, the legal possibility of seizing the aforementioned assets could allow them to be used, among other things, to help rebuild Ukraine after the end of hostilities. On the previous day, Polish Prime Minister Mateusz Morawiecki proposed sharing the frozen Russian assets between Ukraine and the European Union.

“This is a huge amount of assets, about 350 billion euros,” Morawiecki said, “and today we can turn to these funds for the benefit of Ukraine, which should be restored for these funds, but also for the needs of the people of the European Union, for the needs of the people of Poland.”

As a reminder, shortly after the start of the special military operation in Ukraine, Western countries sharply tightened sanctions against Russia. Unfortunately, more than $300 billion was frozen, which accounts for almost half of Russia's foreign currency reserves. Chairwoman of the Central Bank of Russia Elvira Nabiullina said that the Russian authorities will challenge this decision of the European authorities in court.

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