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Europe: Ukrainian reconstruction with Russian money

European Council President Charles Michel urged EU leaders to press ahead with talks on using the seized assets of the Russian Central Bank, worth $300 billion, to rebuild Ukraine.

Michel said he wanted to discuss the idea of ​​managing the frozen assets of the Russian Central Bank to generate profits, which could then be allocated to reconstruction efforts.

The European Union froze 300 billion euros ($326.73 billion) of Russian central bank reserves in November to punish Moscow for invading Ukraine.

The European Commission said at the time that it had proposed a plan to seize the Russian assets that had been frozen to punish Moscow for invading Ukraine.

“We have frozen 300 billion euros in the reserves of the Russian Central Bank and 19 billion euros in the money of the Russian oligarch,” Ursula von der Leyen, the chair of the commission, said in a statement.

In the short term, she added, the EU and its partners can manage and invest the money, with the proceeds going to Ukraine to eventually compensate for the damage done to the country.

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