Home News The EU should use Russia’s foreign exchange reserves to rebuild Ukraine, Josep...

The EU should use Russia’s foreign exchange reserves to rebuild Ukraine, Josep Borell believes


“Of course I would agree because it is a logical decision,” Borrell said, when asked if Russia’s frozen reserves could help fund Ukraine’s reconstruction effort once the war is over.

“We have the money in our pockets and someone has to explain to me why it is good for Afghanistan’s money and not for Russia’s money,” he said, referring to the US decision to use $ 7 billion in frozen assets from Afghanistan’s central bank to provide humanitarian aid to Afghanistan and compensate victims of terrorism after the Taliban took power.

Western states have frozen Russia’s foreign exchange reserves worth about $ 315 billion in response to Ukraine’s invasion.

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EU officials have repeatedly debated whether the sanctioned assets could be used to rebuild Ukraine when the war ends. However, no concrete proposals have been submitted.

In April, Russia’s Central Bank threatened to take legal action against the United States and the EU in an attempt to unblock foreign exchange and gold reserves. However, it is not clear when or in what jurisdiction a legal appeal could be filed.

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