EU has frozen 17bn euros in Russian assets

Brussels, Belgium – The European Union has frozen Russian assets worth around 17bn euros since Moscow invaded Ukraine, EU Justice Commissioner Didier Reynders said in an interview published Saturday.

The figure has risen from the roughly 13.8bn euros (Us$13.75bn) "from oligarchs and other entities" that Reynders announced in July that the EU had frozen, mainly in five countries.

Ukrainian officials are demanding that the funds be used to rebuild their country after the war. The total of frozen assets was 14.5bn euros by mid-september, when the Commissioner criticised the lack of efforts from several member states, including Hungary.

In the interview, Reynders said of the frozen assets that "if it is criminal money confiscated by the EU", it could "be transferred to a compensation fund for Ukraine".

"This amount is far from being sufficient to finance reconstruction," he added.

"So far, the assets of 90 people have been frozen, more than 17bn euros in seven member states, including 2.2bn euros in Germany," he told German media group Funke, including the Westdeutsche Allgemeine Zeitung daily.

The sums totalling 17.5bn euros were chiefly frozen by Austria, Belgium, Germany, France, Luxembourg, Ireland and Italy, a spokeswoman for the European Commission told AFP, without giving further details.

Reynders noted that Western sanctions have also led to the "freezing of 300bn euros" of Central Bank of Russia foreign exchange reserves around the world, saying this could be used as a guarantee.

"From my point of view, it is at least possible to keep these 300bn euros as a guarantee until Russia voluntarily participates in the reconstruction of Ukraine," he said.