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The EU has frozen almost 10 billion euros in oligarch assets – what happens to the money?

2022-05-25T11:59:53.753Z


Ukraine-News: Will oligarch fortunes be used for reconstruction? Created: 05/25/2022, 13:44 By: Tanja Koch The oligarch Roman Abramovich is also affected by the sanctions resulting from the Ukraine war. He can no longer pay his bills and asks his friends for money. © Anthony Anex/dpa The amount lost by Russian oligarchs due to the Ukraine war is increasing. Will the money possibly be used for


Ukraine-News: Will oligarch fortunes be used for reconstruction?

Created: 05/25/2022, 13:44

By: Tanja Koch

The oligarch Roman Abramovich is also affected by the sanctions resulting from the Ukraine war.

He can no longer pay his bills and asks his friends for money.

© Anthony Anex/dpa

The amount lost by Russian oligarchs due to the Ukraine war is increasing.

Will the money possibly be used for reconstruction?

BRUSSELS - Amid the Ukraine conflict, Russian oligarchs have lost access to about €10 billion worth of luxury yachts, real estate and other assets.

This is shown by figures from the EU Commission.

At the beginning of April, the value was still 6.7 billion euros.

The EU Commission wants to present a legislative proposal this Wednesday (May 24) that should make it possible to confiscate frozen Russian money, for example from oligarchs.

This money could then be used to rebuild Ukraine.

EU Commission President Ursula von der Leyen emphasized on Tuesday (May 23): "We should turn every stone for this - if possible also Russian assets that we have frozen."

Ukraine war: could confiscated assets be used for reconstruction?

Since the start of the Ukraine war, the EU has put a number of Russian oligarchs on the sanctions list because they are accused of supporting the war.

At the beginning of March, an EU special unit was set up to ensure better cooperation between EU countries and to track down the assets of the oligarchs.

A good month later, the first balance was drawn: the EU states had frozen assets of 29.5 billion euros by then - 6.7 billion euros came from the assets of oligarchs.

Added to this were the frozen assets of the Russian central bank.

Germany is open to a discussion about using confiscated Russian assets to rebuild Ukraine, as Finance Minister Christian Lindner (FDP) said on Tuesday (May 24).

However, there are "guarantees for private assets" in our constitution. A distinction must be made between frozen state funds - such as the Russian Central Bank - and private funds.

(dpa)

Source: merkur

All news articles on 2022-05-25

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