Confiscation of Russian reserves frozen in the EU is under discussion, but this involves a legally complex process. This was announced on Monday, May 30, at a press conference in the Foreign Press Association in Rome by European Commissioner for Economy Paolo Gentiloni.
He said that the confiscation of Russian assets in Europe is not a simple political decision as it requires a legal justification.
Gentiloni confirmed to reporters that the decision to use the seized Russian funds to rebuild Ukraine is being taken into consideration, but added that from a legal point of view it is very difficult to act on it. He further said that in Italy only between €1.8 billion and €1.9 billion worth of Russian assets have been frozen, but the legal conditions prevent them from being confiscated.
Earlier this month, High Representative of the European Union for Foreign Affairs Josep Borrell said that the European Union should use the Russian assets frozen as part of the sanctions to help Ukraine and its people.
Financial Times journalist Gillian Tett said that the possible transfer of Russian assets frozen in Europe to Ukraine could be dangerous for the West. According to the journalist, such actions can lead to a loss of trust, on which the economy and politics of the Euro-Atlantic community are based.
Tett noted that the actions of the European Union would not have a legal basis. In addition, calls for the transfer of frozen Russian assets to Ukraine cause personal concern among representatives of the corporate and financial elite of the West, the journalist pointed out.
According to the Central Bank of Russia on April 29, the country’s international reserves amounted to $ 593.1 billion In the West, about $ 300 billion of gold and foreign exchange reserves of the Russian Federation were frozen.