The EC promised to decide the fate of the assets of the Russians under the laws of the EU countries

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EU member states will decide on the confiscation of the assets of the Russians, who are currently frozen, based on their criminal law. Brussels intends to determine how to send them to the restoration of Ukraine

Valdis Dombrovskis

The possibility of further confiscation of the assets of Russians in Europe will depend on the criminal law of the state where they are, said the Vice-President of the European Commission Valdis Dombrovskis at the press conference.

As Dombrovskis pointed out, the EU should consider “how to use Russian assets to rebuild Ukraine.”

“With regard to private assets, now a special working group of the European Commission is coordinating the work of the countries — EU members to identify the assets of persons under sanctions, to freeze them and to make further decisions on their possible further confiscation. This must be in accordance with the criminal law of the state in which the assets are located,— he said.

Speaking of the assets of the Bank of Russia, Dombrovskis indicated that they are “currently frozen.”

He said that the EU must first “legal due diligence” and then decide on the next steps. On this issue, Brussels will work with partners, including the US and Canada, who are “working in the same direction,” added the deputy head of the European Commission.

Earlier, EU High Representative for Foreign Affairs Josep Borrell advocated the seizure of frozen Russian assets and their transfer to Ukraine. He considered this option “full of logic.”

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Bloomberg at the end of April reported that the European Union froze Russian assets worth €35 billion. Among European countries, France is in the lead, which blocked assets worth €23.5 billion, €22.8 billion of which are associated with the Central Bank. Belgium has frozen €10 billion, this is also due to the disconnection of seven Russian banks from SWIFT, the agency specified.

Earlier on May 18, US Treasury Secretary may confiscate the assets of the Russian Central Bank, since this is impossible from a legal point of view. The United States and partners froze the reserves of the Bank of Russia for $300 billion, the US and Russian Treasury Departments reported. “I think, quite naturally <…>, we will turn to Russia to help pay at least part of the cost,” — Yellen said.

In the Kremlin, the possibility of seizing Russian assets in favor of Ukraine was considered “illegal and egregious” and “virtually outright theft.” The head of the Central Bank, Elvira Nabiullina, noted that the regulator would challenge the freezing of Russian reserves in the courts.


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