Bloomberg: EU plans to use confiscated assets of Russian oligarchs to rebuild Ukraine

Anna Kholodnova

The European Union is considering raising assets seized from the sanctioned Russians to finance Ukraineʼs reconstruction.

This was reported by Bloomberg.

According to a document released by Bloomberg journalists, the EU executive is proposing a financial package in coordination with allies and other organizations to help cover Ukraineʼs $ 15 billion financial gap over the next three months. The commission will offer Kyiv € 7-9 billion in loans to finance urgent government bills as part of the package under discussion. According to the draft proposal, member states will offer new guarantees that will allow the bloc to offer long-term loans, and grants from the EU budget will subsidize interest.

The Minister for Foreign Affairs of Ukraine, Dmytro Kuleba, told his colleagues from the EU that the reconstruction project could cost a trillion euros.

For long-term reconstruction, the commission will propose to create a program RebuildUkraine.

As part of this initiative, the EU will investigate the use of confiscated assets of Russians who have been sanctioned since the start of the war in Ukraine. German Finance Minister Christian Lindner said in an interview with several European publications that Berlin was ready to consider seizing the reserves of Russiaʼs central bank abroad and use the money to rebuild Ukraine.