https://sputnikglobe.com/20230626/germany-opposes-use-of-russian-frozen-assets-for-ukraines-rebuilding-1111468802.html
Germany Opposes Use of Russian Frozen Assets for Ukraine's Rebuilding
Germany Opposes Use of Russian Frozen Assets for Ukraine's Rebuilding
Sputnik International
Germany has opposed plans of the European Union to use the Bank of Russia's frozen assets for Ukraine's reconstruction and called for considering other options due to concerns that the decision could result in legal and financial challenges, the British news outlet reported on Monday, citing sources.
2023-06-26T08:40+0000
2023-06-26T08:40+0000
2023-06-26T08:40+0000
world
ukrainian crisis
russia-nato showdown
russian economy under sanctions
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The report said that some members of the German government believed the plan would fail to gain enough support for realization since the legal threats were "too high." Berlin has been doing "everything it legally can" to identify and freeze the assets of sanctioned Russian citizens and entities, but Brussels's intention to use the funds for rebuilding of Ukrainian economy and infrastructure have raised "complex financial and legal questions," the newspaper reported. The report said that the EU was seeking to raise as many as 3 billion euros ($3.3 billion) a year from the holdings of Russian central bank assets and that Kiev was also developing an alternative way for the bloc to use the seized assets as collateral, through which it could take loans to invest for a return and then allocate the money to Ukraine. The foreign ministers of the EU nations are expected to discuss the issue at a meeting in Luxembourg on Monday, the report added. Last week, European Commission spokesperson Christian Wigand announced that EU representatives, commissioners and legislators would start discussing in July a legal framework that would enable confiscation of assets of Russian citizens and entities accused of violating EU sanctions. EU banks are holding 24.1 billion euros of assets belonging to individuals and private entities, Wigand added. The EU member states have also reported having more than 200 billion euros of Russian central bank's assets frozen in their banks.
https://sputnikglobe.com/20230527/eu-freezes-26bln-in-private-assets-of-sanctioned-russians-since-february-2022---reports-1110637142.html
https://sputnikglobe.com/20230520/antonov-emerging-economies-to-turn-backs-on-washington-due-to-sanctions-harm-1110474980.html
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ukrainian crisis, russian assets, freezing of russian assets, russian economy under sanctions
ukrainian crisis, russian assets, freezing of russian assets, russian economy under sanctions
Germany Opposes Use of Russian Frozen Assets for Ukraine's Rebuilding
MOSCOW (Sputnik) - Germany has opposed plans of the European Union to use the Bank of Russia's frozen assets for Ukraine's reconstruction and called for considering other options due to concerns that the decision could result in legal and financial challenges, the British news outlet reported on Monday, citing sources.
The report said that some members of the German government believed the plan would fail to gain enough support for realization since the legal threats were "too high."
Berlin has been doing "everything it legally can" to identify and freeze the assets of sanctioned Russian citizens and entities, but Brussels's intention to use the funds for rebuilding of Ukrainian economy and infrastructure have raised "
complex financial and legal questions," the newspaper reported.
The report said that the EU was seeking to raise as many as 3 billion euros ($3.3 billion) a year from the holdings of Russian central bank assets and that Kiev was also developing an alternative way for the bloc to use the seized assets as collateral, through which it could take loans to invest for a return and then allocate the money to Ukraine.
"The challenge is to try to work out what is legally sound and defensible. It's more complex than anybody thought at the outset," an EU diplomat familiar with the matter was quoted as saying by the newspaper.
The foreign ministers of the EU nations are expected to discuss the issue at a meeting in Luxembourg on Monday, the report added.
Last week, European Commission spokesperson Christian Wigand announced that EU representatives, commissioners and legislators would start discussing in July a legal framework that would
enable confiscation of assets of Russian citizens and entities accused of violating EU sanctions. EU banks are holding 24.1 billion euros of assets belonging to individuals and private entities, Wigand added.
The EU member states have also reported having more than 200 billion euros of
Russian central bank's assets frozen in their banks.
