Ukraine’s recovery: EU will develop plan for russian frozen assets confiscation

To rebuild Ukraine and compensate for the damage caused by russia's war, Brussels, together with its partners, will develop a plan to confiscate frozen russian assets and then hand them over to the Ukrainian side.

The President of the European Commission, Ursula von der Leyen, said this in her address on Wednesday, the EP reports.

She confidently stated that russia should pay financially for the destruction it caused.

"The damage caused to Ukraine is estimated at 600 billion euros. russia and its oligarchs should compensate Ukraine for the damage and cover the costs of the country's recovery.

And we have the means to make russia pay. We blocked 300 billion euros of reserves of the russian Central Bank and froze 19 billion euros of russian oligarchs' money," von der Leyen said.

The head of the European Commission emphasized that in the short term, the EU, together with its partners, could create a certain structure for managing these funds and investing them.

"Then we would use the received funds for Ukraine. And after the lifting of sanctions, these funds should be used to ensure that russia pays full compensation for the damages caused to Ukraine," the President of the European Commission emphasized.

Von der Leyen added that the European Union would work on an international agreement with partners to make this possible legally.

The President of the European Commission also announced that the EU proposes to create a specialized court with the support of the UN to investigate and prosecute the crime of Russia's aggression.