EU sees no legal way to seize Russian assets, is "plotting" another way

On June 21, Bloomberg reported that European Union (EU) authorities see no legal way to seize frozen Russian central bank assets and are instead planning to use the interest from the money.

EU lawmakers back using interest from money collected from Russia to help Ukraine. (Source: Reuters)

Lawmakers across the EU have been debating the legality of seizing more than 200 billion euros ($219 billion) in frozen Russian assets and transferring them to Ukraine.

The bulk of the seized money came from payments giant Euroclear, which reported a profit of €750 million in the first quarter of 2023.

According to a document cited by Bloomberg , members of the EU working group found that “there is no credible legal avenue to seize frozen assets or immovable property solely on the grounds that they are subject to EU restrictive measures.”

Instead, lawmakers support using the interest from the money to help Ukraine.

The European Central Bank (ECB) has warned that using interest earned from Moscow's frozen money could turn countries away from the euro.

EU leaders are expected to seek consensus to implement the policy at a meeting scheduled for next week.

The EU froze the Russian Central Bank's foreign exchange reserves shortly after the country launched its military operation in Ukraine in February 2022.

Source: https://baoquocte.vn/bao-my-eu-khong-thay-con-duong-phap-ly-de-tich-thu-tai-san-nga-dang-u-muu-khac-231969.html