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EU working group to explore using frozen Russian assets for reconstruction of Ukraine

by The Kyiv Independent news desk February 14, 2023 10:27 PM 1 min read
This audio is created with AI assistance

An EU working group led by the Swedish Presidency of the Council of the European Union will be exploring the possibility of utilizing frozen Russian assets to aid in post-war Ukraine's reconstruction efforts.

"In principle, it is clear-cut: Russia must pay for the reconstruction of Ukraine. At the same time, this poses difficult questions," said Swedish Prime Minister Ulf Kristersson on Feb. 14.

Kristersson added that this must be carried out in accordance with EU and international law, for which there is currently no direct model.

The working group aims to locate and evaluate the total value of Russian state-owned assets. They will conduct comprehensive legal, financial, economic, and political analyses to explore the potential use of frozen Russian assets.

In early December 2022, the World Bank Vice President for Europe and Central Asia Anna Bjerde told Austrain newspaper Die Presse the cost of repairing Ukraine's damaged infrastructure could cost upwards of 500 to 600 billion euros.

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