EU exploring legal ways for reuse of confiscated Russian assets amidst war: Report

Amid ongoing ravaging war between Russia and Ukraine, European Union (EU) is reportedly looking into legal options to reuse frozen Russian assets that could be seized for breaching EU sanctions. According to reports, European Commission approved pilot project, whose implementation is expected to cost nearly half a million euros out of an available €40 million ($415k). feasibility study, led by Romanian parliamentarian Vl Gheorghe, would look at things like opting sanctions, freezing assets, seizing assets, and reintroducing confiscated assets into national economy for social purposes as well as into EU budget for public spending in war-torn Ukraine. 

In dition, needs of migrants would also likely be supported by confiscated assets of Russian oligarchs and organisations. "When this was first proposed, I received answer that it is impossible and our legal system is not rey, since this is Europe and not America. But with recent European Commission proposal, we are on right track since directive would be oretical basis, while study would help us find a practical approach to how to do it,"  Romanian politician Gheorghe told Euractiv. 

EU announced proposals to seize frozen assets

Earlier in May, European Commission announced a proposal to make it simpler to seize frozen assets linked to significant illegal activity and suspected criminals, including those dodging EU sanctions imposed on Russia. Under proposal, a legal basis for criminal offences and punishments would be established throughout EU and breach of bloc's restrictive measures would also be included in list of crimes. According to reports, se common EU regulations would make it simpler to investigate, prosecute and punish violators. Besides, y would also make it simpler to seize assets with aid of new "Freeze and Seize" Task Force, which Commission established in March.

Zelenskyy says it would cost around $750 billion to rebuild Ukraine

Meanwhile, on July 4, Ukrainian President Volodymyr Zelenskyy stated at an international conference that it will cost around $750 billion to rebuild war-ravaged country. He also stressed that this task is shared responsibility of all democracies across world. "If all European institutions and member states would cooperate with whistleblowers and with Ukrainians – because y have a very, very good understanding of how this network of Russian assets is being used throughout EU – we are likely to reach amount needed for reconstruction,” Gheorghe ded, as per Euractiv. 

Image: AP