Daily Management Review

FT: EC will explore possibility of earning on frozen Russian assets


According to the Financial Times, European Council President Charles Michel wants to explore the possibility of managing $300 billion in frozen Bank of Russia assets in order to turn a profit that might be used to fund the reconstruction of Ukraine.

According to The Financial Times, Michel urged European capitals to keep negotiating the use of the Central Bank of Russia's assets, which the journal already refers to as "confiscated," for the reconstruction of Ukraine as the extent of the conflict's destruction in that nation is expanding. The Financial Times noted that the representative of the 27-nation bloc "would like to examine the concept of actively managing the frozen assets" of the Central Bank of Russia, citing information on the project.

"It's a question of honesty and fairness. It is obvious that it should be done in accordance with legal standards," The Financial Times was informed by the head of the European Council.

Michel also anticipates that EU leaders will "add some urgency" to the debate. Despite the legal barriers to asset seizure, he continued, there is "a serious political interest in moving this topic forward and implementing it."

source: ft.com