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The EU may use Russia’s $18 billion in frozen assets to fix Ukraine

The European Union is set to discuss the possibility of expropriating Russian assets for the reconstruction of Ukraine.

The Permanent Representatives meeting will be held in Brussels, Belgium, on Wednesday.

This complements Monday’s agreement to include circumvention and breach of European sanctions in the EU’s list of criminal offences.

The list of topics to be raised at the EU Justice and Home Affairs Council includes the Directive on Asset Recovery and Forfeiture.

Western countries froze Russia’s foreign reserves and stopped international payments from its banks after the start of the military operation on February 24.

European Union member states have seized at least 17.4 billion euros ($18 billion) of Russian assets, according to Reinders.

In October, the continental body directed the European Commission to prepare proposals on the use of assets to reform Ukraine.

Moscow describes the confiscations as an illegal expropriation of property and violates the European constitution and international law.

The EU may use Russia’s $18 billion in frozen assets to fix Ukraine

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