The EU has the "legal authority" to use at least 33.8 billion euros of frozen assets of Russia's central bank for the reconstruction of Ukraine, Bloomberg reported, citing unnamed sources.
The EU Council Legal Service said such a plan is “legally feasible, as long as the assets aren’t expropriated and certain conditions are met," according to Bloomberg.
“Those include a termination date, a focus on liquid assets, and clarity that the principal and interest would be returned to Russia at some point," according to the sources.
Since Russia launched its full-scale invasion on Feb. 24, 2022, the West has frozen around $300 billion in Russian central bank assets.
EU Justice Commissioner Didier Reynders said in October that it would be possible to keep these 300 billion euros as a “guarantee until Russia voluntarily participates in the reconstruction of Ukraine.”
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