EU working group to consider using frozen Russian assets to rebuild Ukraine

EU ambassadors yesterday approved the establishment of a working group to look at using frozen Russian assets to support Ukraine´s reconstruction.

The working group is being set up under the leadership of the Swedish Presidency of the Council of the European Union, and was approved on 15 February by Coreper II (the Committee of the Permanent Representatives of the Governments of the Member States to the European Union).

“In principle, it is clear-cut: Russia must pay for the reconstruction of Ukraine. At the same time, this poses difficult questions. This must be done in accordance with EU and international law, and there is currently no direct model for this,” said Swedish Prime Minister Ulf Kristersson.

The Working Group was set up in response to the latest European Council meeting, attended by EU heads of state and government. The Working Group will carry out a legal, financial, economic and political analysis of the possibilities of using frozen Russian assets.

The Working Group will be chaired by Ambassador Anders Ahnlid, Director-General of the National Board of Trade, Sweden’s government agency for international trade. 

Part of the preparatory work will involve obtaining a clearer picture of where Russian state-owned assets are located and their total value. The work will be carried out in close cooperation with the Freeze and Seize Task Force, led by the European Commission.

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Press release