EU seeking ways to confiscate frozen Russian assets to support Ukraine – Bloomberg

Bloomberg reports this, citing informed sources, according tomUkrinform.

"The European Union is exploring more aggressively ways to seize Russia’s frozen central bank assets as the bloc scrambles to ensure financial and military support for Ukraine amid indications the US may pare back its own assistance," the report states.

The EU is currently examining the legality and consequences of seizing Russian assets, though some EU countries oppose the confiscation.

Sources informed the publication that the value of the confiscated assets would likely be compensated through Russia’s commitment to reimburse the losses in a potential peace agreement.

As reported earlier by Ukrinform, the EU, the Group of Seven (G7), and Australia have frozen around $280 billion of assets from the Russian central bank in the form of securities and cash. According to estimates from the U.S. Department of the Treasury, sanctions imposed on prominent Russians have also frozen an additional $58 billion in assets, including houses, yachts, and private jets.

Earlier, Polish Prime Minister Donald Tusk on February 20 urged European countries to take immediate action including financing aid to Ukraine and bolstering EU security and defense.