The EU is developing a strategy for the confiscation of Russian assets in favor of Ukraine

11:51 30 November Kyiv, Ukraine

The President of the European Commission said on Wednesday that Brussels, together with partners, will develop a plan to confiscate frozen Russian assets to transfer to Ukraine.

She said this in her address on Wednesday.

"Russia must pay financially for the destruction it has caused. The losses inflicted on Ukraine are estimated at 600 billion euros. Russia and its oligarchs must compensate Ukraine for the losses and cover the costs of rebuilding the country. And we have the means to make Russia pay. We have blocked 300 billion euros of Russian Central Bank reserves and frozen 19 billion euros of Russian oligarchs' money," von der Leyen said.

She noted that in the short term, the EU, together with partners, could create a framework for managing and investing these funds.
 
"Then we would use the funds received for Ukraine. And after the sanctions are lifted, these funds should be used to ensure that Russia pays full compensation for the damage caused to Ukraine," the President of the European Commission said.

She added that the EU will work on an international agreement with partners to make this possible in a legal way.