EU to examine using confiscated Russian assets for reconstruction – FT

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Jan 23 (Reuters) – European Council President Charles Michel has urged the block’s national leaders to push forward with talks on using $300 billion-worth of confiscated Russian central bank assets for the reconstruction of Ukraine, the Financial Times reported on Monday.

Michael said he wanted to explore the idea of managing the Russian central bank’s frozen assets to generate profits, which could then be earmarked for reconstruction efforts, the newspaper reported.

It is a question of justice and fairness and it must be done in line with legal principles, the FT quoted Michael as saying in an interview.

The European Union had blocked 300 billion euros ($326.73 billion) of the Russian central bank’s reserves in November to punish Moscow for the invasion of Ukraine.

($1 = 0.9182 euros)

Damaged apartment blocks in the town of Lyman, Donetsk region, Ukraine. Lyman was re-captured by Ukraine’s armed forces in October. Before the beginning of active combat action population of Lyman was around 41,000. After being under Russian occupation, without electricity, water and gas supply, infrastructure is slowly renewing. Russian troops entered Ukraine terriroty on 24 February 2022, starting an armed conflict that has provoked destruction and a humanitarian crisis. EPA-EFE/OLEG PETRASYUK

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