WSJ: EU cannot confiscate Russia’s frozen assets in favor of Ukraine

Representatives of the European Commission (EC) confirmed that they would not be able to send the frozen funds of the Russian Central Bank to the restoration of Ukraine. This is reported The Wall Street Journal (WSJ) citing their sources.

The WSJ material says that the representatives of the EC explain the impossibility of confiscation of assets by the principle of international state immunity. At the same time, the executive body of the European Union declares its intention to create a fund for managing liquid Russian assets, the profit from which will be used to restore Ukraine.

The European Commission also sent EU member states a proposal to set up an international tribunal to prosecute Russian officials responsible for the fighting in Ukraine.

After the entry of Russian troops into the territory of Ukraine, the Ukrainian authorities took the initiative to transfer the frozen Russian assets to the restoration of the country’s territories affected by the hostilities. A number of Western countries are critical reacted to this proposal, regarding it as a threat to the institution of private property.

Yesterday, November 30, Ursula von der Leyen suggested create a special fund of frozen €300 billion of Russian assets and €19 billion of private assets of Russians. She estimated the damage to Ukraine from the conflict with Russia at €600 billion.

Read more in the material “Kommersant FM” “The European Commission reaches for assets”.

Andrey Sapozhnikov