EU may use Russia’s $18bn frozen assets to repair Ukraine

EU may use Russia’s $18bn frozen assets to repair Ukraine

The European Union (EU) is set to discuss the possible confiscation of Russian assets to reconstruct Ukraine.

The meeting of permanent representatives will be held in Brussels, Belgium, on Wednesday.

It is sequel to Monday’s approval to include circumvention and violation of European sanctions in the list of EU criminal offenses.

The list of themes to be raised at the EU Justice and Home Affairs Council includes the “Directive on asset recovery and confiscation”.

Western countries froze Russia’s foreign reserves and stopped international payments from its banks after military operation commenced on February 24.

EU member states have seized at least €17.4 billion ($18 billion) of Russian assets, according to Reynders.

In October, the continental body directed the European Commission to prepare proposals on using the assets to repair Ukraine.

Moscow calls the seizures an illegal expropriation and a violation of the European Constitution and international law.