| 5 December 2023, Tuesday |

EU working on proposal for frozen Russian assets – von der Leyen

According to EU executive President Ursula von der Leyen, the European Commission is developing a plan to combine some of the proceeds from the sale of assets frozen by the Russian state in order to support Ukraine’s post-conflict reconstruction efforts.

Following an EU leaders summit, Von der Leyen informed a press conference that the worth of Russia’s frozen sovereign assets was 211 billion euros ($223.15 billion) today. She also reminded the audience that the bloc had previously resolved that Russia would have to foot the price for Ukraine’s reconstruction.

The European Union froze Russian sovereign assets in March 2022, following Russia’s invasion of Ukraine in the previous month.

Von der Leyen said that finance ministers had made good progress on some basic principles during the annual meetings of the International Monetary Fund and World Bank in Marrakesh earlier this month.

“So the next step would be then an actual proposal,” she said, adding the initial focus would be on windfall profits.

  • Reuters