The EU cannot seize Russian assets to rebuild Ukraine, but there is another option - WSJ

The EU cannot seize Russian assets to rebuild Ukraine, but there is another option - WSJ

Representatives of the European Union said that the bloc cannot confiscate tens of billions of euros in frozen funds of the Russian Central Bank to pay for the reconstruction of Ukraine.

 

 This is reported by The Wall Street Journal.

 

 Representatives of the European Commission suggest that member states and their international partners create a fund to manage liquid assets and set aside profits from investments for the reconstruction of Ukraine.

 

 The commission also suggested creating a specialized court to prosecute high-ranking Russian officials for crimes of aggression against Ukraine. The court may be an independent international tribunal or a court composed of international judges and integrated into the national justice system.

 

 To lift the immunity of senior Russian officials from criminal prosecution, EU officials said the court would need the support of the United Nations, where Russia, as a permanent member of the Security Council, has veto power. Yes, if the Russian Federation vetoes the proposed resolution, the court can still be created with the support of the UN General Assembly, which includes all UN members. However, this requires a strong lobbying campaign.

 

 In addition, the US faces its own problems trying to recover frozen Russian funds to finance support for Ukraine in the war and its subsequent reconstruction. Representatives of the US Treasury and Justice Departments have asked lawmakers to draft new legislation that would expand their powers to seize, rather than simply freeze, Russian assets and transfer those funds to Ukraine.

 

 Due to the lack of new powers, the administration is limited in its actions. Sources of the publication report that the search for assets belonging to the oligarchs may take years. Ownership and control of these assets is often hidden behind layers of corporations, trusts, business partners and family members.



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Representatives of the European Union said that the bloc cannot confiscate tens of billions of euros in frozen funds of the Russian Central Bank to pay for the reconstruction of Ukraine.

 

 This is reported by The Wall Street Journal.

 

 Representatives of the European Commission suggest that member states and their international partners create a fund to manage liquid assets and set aside profits from investments for the reconstruction of Ukraine.

 

 The commission also suggested creating a specialized court to prosecute high-ranking Russian officials for crimes of aggression against Ukraine. The court may be an independent international tribunal or a court composed of international judges and integrated into the national justice system.

 

 To lift the immunity of senior Russian officials from criminal prosecution, EU officials said the court would need the support of the United Nations, where Russia, as a permanent member of the Security Council, has veto power. Yes, if the Russian Federation vetoes the proposed resolution, the court can still be created with the support of the UN General Assembly, which includes all UN members. However, this requires a strong lobbying campaign.

 

 In addition, the US faces its own problems trying to recover frozen Russian funds to finance support for Ukraine in the war and its subsequent reconstruction. Representatives of the US Treasury and Justice Departments have asked lawmakers to draft new legislation that would expand their powers to seize, rather than simply freeze, Russian assets and transfer those funds to Ukraine.

 

 Due to the lack of new powers, the administration is limited in its actions. Sources of the publication report that the search for assets belonging to the oligarchs may take years. Ownership and control of these assets is often hidden behind layers of corporations, trusts, business partners and family members.