EC can set up a structure for managing and investing Russia’s frozen assets for the benefit of Ukraine

The European Commission, with its partners, can soon create a structure to manage and invest the blocked and frozen assets of the Russian central bank and oligarchs, using the proceeds for Ukraine, EC President Ursula von der Leyen said in a statement on Wednesday.

“And once the sanctions [on Russia] are lifted, these funds should be used so that Russia pays full compensation for the damages caused to Ukraine,” she said.

Von der Leyen emphasized that Russia must “pay financially for the devastation that it caused. The damage suffered by Ukraine is estimated at 600 billion euros. Russia and its oligarchs have to compensate Ukraine for the damage and cover the costs for rebuilding the country.”

“And we have the means to make Russia pay. We have blocked 300 billion euros of the Russian Central Bank reserves, and we have frozen 19 billion euros of Russian oligarchs’ money,” she explained.

She said the EC can find legal ways and will work on an international agreement with partners to make this possible.

In the statement, von der Leyen also said the EC is ready to start working with the international community “to get the broadest international support possible” for setting up a U.N.-backed specialized court to investigate and prosecute Russia’s crime of aggression.

“Russia’s horrific crimes will not go unpunished,” said the EC President.