European Council says Russian assets should remain frozen until end of war, payment of reparations

Uncover what’s happening in the territories under Russian occupation WATCH NOW Skip to content The NATO flag and the EU flag on June 9, 2023, in Riga, Latvia. Photo for illustrative purposes. (Gints Ivuskans/DeFodi Images via Getty Images) This audio is created with AI assistance The European Council said on Oct. 17 frozen Russian assets should “remain immobilized” until Moscow ends its full-scale war on Ukraine and makes reparations for damages caused to the country. Estimates of the damage that Russian aggression over the past decade has caused to Ukrainian infrastructure have varied. The World Bank said in February 2024 it could be as high as $486 billion. European countries hold roughly two-thirds of the $300 billion Russian sovereign assets immobilized after the outbreak of the full-scale war. While hesitant to confiscate the assets outright, the EU devised a plan to use windfall profits to fund Ukraine’s reconstruction and defense needs. The European Council reiterated it would adhere to the “security and defense policy” of “certain member states” regarding the use of revenues generated from the frozen assets, and added it would continue to “address all relevant legal and financial aspects.” EU ambassadors agreed earlier in October on a plan...