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How to finance the reconstruction of Ukraine when the needs, at this stage, are estimated at some 600 billion euros?
At the request of the Twenty-Seven, during their October summit, the Commission began to reflect and wishes to move forward with the G7 partners.
The subject is far from simple from a legal point of view, even if the President of the Commission, Ursula von der Leyen, was at least definitive on Wednesday.
“We have the means to make Russia pay.
We have blocked 300 billion euros from the reserves of the Central Bank of Russia and we have frozen 19 billion euros from the money of the Russian oligarchs”,
she underlined.
In reality, it is not possible for the European Union (EU) and the allies to use the frozen assets as they see fit.
Brussels, on the other hand, plans to place the “liquid” assets in order to derive income from them which would go to the reconstruction of Ukraine.
On condition, specifies a Commission official, not to touch the principal and not to puncture all the income generated, but to keep part of it for Russia, calculated on the basis of a minimum interest rate, for example that of the European Central Bank.
At this stage, the Commission does not communicate on the expected revenues.
Indeed, it only has, for the time being, an estimate of the total amount of this cash.
In the longer term, Brussels is offering to return Russian assets, subject to a peace agreement being reached between Ukraine and Russia, compensating Ukraine for the damage suffered.
