The European Commission will present proposals for the use of revenues from Russia’s sovereign financial assets amounting to €211B that are currently seized in the EU, European Commission President Ursula von der Leyen said following the EU summit.
“These proposals will concern how to use the accruals from these assets, which currently benefit a limited number of financial institutions in the EU. The idea is accumulating them together and directing them through the EU budget to rebuild Ukraine,” von der Leyen explained.
It should be noted that the final conclusions listed in a document summarizing the EU Summit include the allocation of billions of euros in profit obtained from frozen Russian assets to help Ukraine. Currently, EU officials are developing a legal mechanism to allow this money to be directed to Ukraine.
In response to this, Russia began to threaten the EU with symmetrical measures. “In this case, much larger assets of unfriendly countries will be confiscated,” said Chairman of the Russian State Duma Vyacheslav Volodin.