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The EU is looking at seizing $330 billion in frozen Russian assets and investing them — with any profits going to Ukraine

Added 11-30-22 06:14:03am EST - “"We have the means to make Russia pay," European Commission president Ursula von der Leyden said Wednesday.” - Markets.businessinsider.com

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Posted By TheNewsCommenter: From Markets.businessinsider.com: “The EU is looking at seizing $330 billion in frozen Russian assets and investing them — with any profits going to Ukraine”. Below is an excerpt from the article.

The European Union is looking at seizing and reinvesting frozen Russian assets – and then using the profits made on any trades to help to rebuild war-torn Ukraine.

European Commission president Ursula von der Leyen said Wednesday that the trading bloc had already blocked about 319 billion euros ($330 billion) that could be reinvested.

"We have the means to make Russia pay," she said in a statement. "We have blocked 300 billion euros of the Russian central bank reserves and we have frozen 19 billion euros of Russian oligarchs' money."

"In the short term, we could create, with our partners, a structure to manage these funds and invest them," von der Leyen added. "We would then use the proceeds for Ukraine."

Russia's ongoing war has caused around 600 billion euros worth of damage to Ukraine since February, according to the European Commission.

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