EU prepares to confiscate frozen Russian assets for the benefit of Ukraine

Brussels is preparing the legal basis for the transfer of frozen Russian assets, including the property of oligarchs, for the recovery of Ukraine after the end of hostilities, according to European Commission President Ursula von der Leyen at a press conference in Strasbourg, as reported by Interfax-Ukraine.

Ms vander Leyen noted that the EU has not previously organized recovery work of such a scale, therefore, the “talented and best” experts from around the world will be involved in the planning.

Von der Leyen called the Ukraine Recovery Conference, which took place on July 4-5 in Lugano, Switzerland, a success. Kyiv presented a plan worth $750 billion and called for the use of Russian sanctioned and seized Russian property to rebuild Ukraine.  According to Prime Minister Denys Shmyhal, the value of such assets is currently USD300–500 billion.