EU rejects the possibility of confiscating frozen Russian assets
21:44
The European Union has rejected the possibility of confiscating frozen Russian central bank assets, citing legal risks. The decision to freeze about $200 billion in Russian assets in Europe, mostly held at the Belgian bank Euroclear, was the result of joint action by G7 members in response to Russia's 2022 invasion of Ukraine.
While confiscating Russian assets and transferring them to Ukraine could help ease pressure on the West to finance the war effort, European officials are rejecting this option due to legal risks.
"The confiscation of Russian capital will not happen. There is no agreement on this issue among EU member states," said one EU official, quoted anonymously by Reuters.
Luxembourg Foreign Minister Xavier Bettel stressed the importance of caution and prudence in the matter of asset confiscation. European officials are concerned not only about the legality of such a confiscation but also about the potential consequences for the euro.
