Brussels proposes plan to confiscate frozen Russian assets to help rebuild Ukraine
Euronews says the yachts and lavish houses of Russian oligarchs that have been seized under EU sanctions could be confiscated to finance Ukraine’s post-war reconstruction, the European Commission has proposed in a new plan set to raise a plethora of legal questions.
Since the invasion of Ukraine began on February 24, EU countries have seized and frozen almost ā¬10 billion in physical assets. They have also blocked ā¬196 billion worth of financial transactions.
European Commission President Ursula von der Leyen, the Baltic states and Slovakia are among those who have voiced their support for the proposal, arguing those responsible for the damage should foot the huge bill, instead of the EU bearing the burden on its own.
A recent report by the Kyiv School of Economics revealed that direct and indirect losses from the war range from $564 billion to $600 billion (ā¬568 billion), and could increase even further as the conflict drags on.
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