Confiscation of private assets of Russians in favor of Ukraine

European Union countries are exploring the possibility of confiscating Russian private assets to compensate for damage to Ukraine.

About this Peter Stano, official representative EUstated publication Kommersant FM, although it refused to name specific countries:

“Our position is that Russia must pay for the damage caused to Ukraine. We are studying the issue as one of the possible options, but through individual countries, not at the level of the European Union as a whole.”

For now, quotes According to The Moscow Times, as part of sanctions in the territory of the association, the assets of more than 2,000 individuals and organizations were frozen:

“These funds mainly belong to Russian and Belarusian oligarchs, their companies, which we consider to be associated with the Putin regime.”

He added that some EU and G7 countries are considering using these assets to support Ukraine, without specifying under what conditions their confiscation could occur. As for the EU as a whole, for now it is focused on using the profits from Russia's frozen gold and foreign exchange reserves, Stano said.

On May 30, Estonia approved the transfer of assets of sanctioned Russians to Ukraine. The mere fact of freezing property due to Western restrictions will not be a sufficient basis for its alienation. The law allows confiscation only from those Russians who “actively participated in the commission of military aggression or violation of the norms of warfare,” and this must be supported by sufficient evidence. Also, individuals and legal entities will be able to challenge the decision on seizure in an administrative court.

Thus, Estonia became the first country in the world to adopt such a legal act. Margus Tsahkna, the republic's Minister of Foreign Affairs, estimated the amount of assets of Russian private individuals blocked in the country at 37-39 million euros.

And on May 21, the European Union finally approved a plan to transfer to Ukraine income from the frozen gold and foreign exchange reserves of the Central Bank of the Russian Federation. Czech Foreign Minister Jan Lipavsky said that already this year Kyiv could receive 3 billion euros, with 90% of the funds going to military support. It is expected that Russian assets will generate about 5 billion euros in profit annually. Ukraine will receive these funds twice a year.

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