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

Amid the ongoing ravaging war between Russia and Ukraine, the 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, the European Commission approved the pilot project, whose implementation is expected to cost nearly half a million euros out of an available €40 million ($415k). The feasibility study, led by Romanian parliamentarian Vlad Gheorghe, would look at things like adopting sanctions, freezing assets, seizing assets, and reintroducing the confiscated assets into the national economy for social purposes as well as into the EU budget for public spending in war-torn Ukraine. 

In addition, the needs of migrants would also likely be supported by the confiscated assets of Russian oligarchs and organisations. "When this was first proposed, I received the answer that it is impossible and our legal system is not ready, since this is Europe and not America. But with the recent European Commission proposal, we are on the right track since the directive would be the theoretical basis, while the 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, the 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 the proposal, a legal basis for criminal offences and punishments would be established throughout the EU and the breach of the bloc's restrictive measures would also be included in the list of crimes. According to reports, these common EU regulations would make it simpler to investigate, prosecute and punish violators. Besides, they would also make it simpler to seize assets with the aid of the new "Freeze and Seize" Task Force, which the 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 the war-ravaged country. He also stressed that this task is the shared responsibility of all the democracies across the world. "If all European institutions and member states would cooperate with the whistleblowers and with the Ukrainians – because they have a very, very good understanding of how this network of Russian assets is being used throughout the EU – we are likely to reach the amount needed for reconstruction,” Gheorghe added, as per Euractiv. 

Image: AP