EU Says It Can Use Seized Russian Bank Assets to Benefit Ukraine, Report Says
The EU has the legal authority to temporarily leverage at least $36.8 billion of Russian central bank assets to aid in the reconstruction of Ukraine, the European Commission Legal Service told member states, according to people familiar with the matter,…
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Bloomberg reported Jan. 26. The legal service said this plan is feasible so long as the assets are not expropriated and other conditions are met, the individuals said. Other conditions include a termination date, focus on liquid assets and intent that the principal and interest would be returned to Russia at some point, Bloomberg reported.