EU to examine using confiscated Russian assets for reconstruction

European Council President Charles Michel has urged the block’s national leaders to push forward with talks on using $300 billion-worth of confiscated Russian central bank assets for the reconstruction of Ukraine, the Financial Times reported on Monday.

Michael said he wanted to explore the idea of managing the Russian central bank’s frozen assets to generate profits, which could then be earmarked for reconstruction efforts, the newspaper reported.

It is a question of justice and fairness and it must be done in line with legal principles, the FT quoted Michael as saying in an interview.

NATO, EU eye ‘next level’ partnership in face of Russia threat

The European Union had blocked 300 billion euros ($326.73 billion) of the Russian central bank’s reserves in November to punish Moscow for the invasion of Ukraine.