EU exploring ways to use frozen Russian assets – Bloomberg

Legal experts are reportedly looking for “possible options” after the bloc said it wanted to confiscate the funds and use them for Ukraine

The European Union is trying to determine whether it’s feasible to use the assets of the Russian Central Bank that have been frozen by member states to finance Ukraine, Bloomberg reported on Thursday.

The discussions are at an early stage and legal experts have been asked to look into possible options, the outlet wrote, citing people familiar with the matter.

Some $300 billion belonging to the Russian Central Bank were frozen by the EU, the US, and their allies as part of anti-Russia sanctions. 

Any EU action would deal with assets held in Europe, Bloomberg says, adding that the issue has also been raised with the US. 

READ MORE: Seize, not freeze: EU outlines plans for Russian assets

Last month, European Commission President Ursula von der Leyen said that the EU wanted to confiscate Russian assets in order to use them for the reconstruction of Ukraine but admitted that establishing a legal base for such a move was tricky. US Treasury Secretary Janet Yellen said in May that seizing the assets was “not something legally permissible in the United States.”

Russia strongly criticized the freezing of the funds, with Russian Foreign Minister Sergey Lavrov accusing the West of essentially committing theft.

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