European Council President Backs Seizure and Liquidation of Russian Assets

European Council President backs confiscation and liquidation of Russian assets - May 1
EU Council President Charles Michel (Image: EPA).

Guardian European Council President Charles Michel reportedly said in a statement to Ukrainian media that he supported Russia’s solution to seize and liquidate assets currently frozen abroad and then use the funds.

“I firmly believe that it is now important not only to freeze Russian assets, but also to confiscate them and sell them to finance Ukraine’s reconstruction,” Michel said.

In addition, Mr. Michel reiterated that the seizure and liquidation of Russian assets was not a mistake. On the contrary, this is also a step that stands for “fairness” and “justice”.

Last month, the European Union announced it had frozen €30 billion worth of assets believed to belong to Russian and Ukrainian companies and individuals on the sanctions list. With that speech, Mr. Charles Michel became the first senior European official to directly express his support for Russia’s plan to confiscate assets.

US President Joe Biden also reportedly proposed last week to liquidate the confiscated assets of Russian oligarchs to “repair the damage Russia has caused and help rebuild Ukraine.” However, according to analysts, the seizure and liquidation of Russian assets will not be easy and the parties will have to prepare for a protracted legal battle.