EU considering possibility of sequencing Russian assets for reconstruction of Ukraine

European Council President Charles Michel has suggested that Russian frozen assets worth about $300 billion are used to generate revenue for Ukraine. Authorities in Kiev can then use that money to rebuild their country, he has told the Financial Times.

It's a matter of justice,” said Michel. This is very clear.” The EU and its allies froze hundreds of billions of dollars' currency reserves in accounts abroad from the Russian central bank at the start of the war, which began in late February last year.

Later, Moscow said that central bank sanctions had frozen around $300 billion from its currency exchange reserves. Officials from the EU and its institutions later suggested the seizure of these assets to be used in rebuilding Ukraine's destroyed infrastructure.

The cost of reconstruction last September was estimated at slightly less than 350 billion euros from Ukraine, Brussels and the World Bank. The potential required amount has increased since Russian missile attacks and fears have damaged critical civilian infrastructure, such as power stations and residences