The US and the EU are preparing to transfer confiscated assets of the Russian Federation to Ukraine.

The United States is working with European allies and partners to create the necessary legal framework for the use of seized Russian assets for Ukrainian reconstruction projects, US Secretary of State Antony Blinken said.

“It’s about $300B, most of it is in Europe, not the United States. So, we’re looking at what legal authorities we may have, the Europeans may have, to actually use those assets for Ukraine. The Russians should pay for the restoration of Ukraine.”

Blinken added, “If you broke it, you bought it. We have to make sure that there is a legal basis to do that. And as I said, since most of the assets are in Europe, Europeans also must be convinced that there’s a basis to do it.”