The EU has frozen €17B in Russian assets.

The European Union has frozen Russian assets worth more than €17B as part of the sanctions that have been placed against Russia. EU Justice Commissioner Didier Reynders believes this money can be used to restore Ukraine, writes DPA. According to Reynders, this amount includes the assets of 90 people, amounting to more than €17B in seven member states, including €2.2B in Germany. If the EU confiscates this money under provisions for revenue coming from criminal enterprise, it can be directed to Ukraine’s compensation fund. However, this amount is not enough to completely finance the reconstruction, Reynders noted. He added that as part of Western sanctions, €300B from the Russian Central Bank’s currency reserves were also frozen. The European Commissioner proposed to hold this money as a guarantee until Russia voluntarily participates in restoring Ukraine.