EC preparing legal framework for confiscation of Russian assets in favor of Ukraine – von der Leyen

The European Commission is considering the possibility of using frozen Russian assets to restore Ukraine and is preparing the appropriate legal framework.

President of the European Commission Ursula von der Leyen made a corresponding statement at a press conference after the presentation of the priorities for the Czech Presidency of the Council of the EU at the plenary session of the European Parliament in Strasbourg, an Ukrinform correspondent reports.

“I think it is a matter of justice to consider this issue. We are working on the legal framework so that the assets of Russia and partly the assets of oligarchs can be used to restore Ukraine,” von der Leyen said.

She noted that the international Ukraine Recovery Conference, which was just held in Lugano, Switzerland, was very successful, as it was able to combine many initiatives and focus them on the implementation of the main principles of the restoration of Ukraine.

“It will be followed by a major conference under the auspices of the German G7 Presidency and the European Commission, which aims to bring together all the leading global recovery experts. We’ve never had a recovery like this before, so we need the brightest and the best in the industry. Of course, a management system must be introduced that will be competent, accountable, and convincing for all initiatives that will receive funding and combine investments with reforms for the recovery of Ukraine,” Ursula von der Leyen added.

As reported, the plan for the post-war recovery of Ukraine is already estimated at more than 750 billion dollars. The position of the Government of Ukraine is that the key source of Ukraine’s recovery should be the confiscated assets of Russia and Russian oligarchs as it was the Russian government that started the war.

According to various estimates, Russian assets frozen as a result of Western sanctions may total from 300 to 500 billion US dollars.