EU authorities have reliable data on the freezing of $36.4 billion of Russian assets, their total amount in accounts in the EU is estimated at $258 billion, Bloomberg reports citing documents.
The EU legal service said the bloc’s laws allow frozen assets to be invested and proceeds to be used to bail out Kyiv, but officials must first establish the exact size of assets held by Russia’s central bank and other frozen funds linked to the Russian state. This provision is contained in a document circulated this week to member states against the backdrop of a meeting between EU leaders and the President of Ukraine. Vladimir Zelensky in Brussels.
Based on the information provided by the Russian Central Bank in the report on the management of foreign exchange and gold assets for 2022, we can talk about about $ 258 billion in European accounts, the document says. At the moment, the EU countries have reported freezing Russian assets in the amount of $36.4 billion, but this figure is still being estimated.
Former head of the European Commission Ursula von der Leyen stated that the EC proposed to create a special structure to manage the frozen funds of the Russian Federation. According to the EC, Ukraine’s losses during the conflict amounted to about 600 billion euros. The statement indicates that the West has blocked about 300 billion euros of the Central Bank of Russia and 19 billion of private funds of Russian business. According to von der Leyen, “after the sanctions are lifted, these funds can be used to ensure that Russia fully compensates for the damage caused to Ukraine.”
Official representative of the Ministry of Foreign Affairs of the Russian Federation Maria Zakharova called the freezing of Russian assets in Europe a theft, noting that this is not the first year of the existing phenomenon and the EU is aimed not only at the funds of private individuals, but also at the state assets of Russia.