Should Russia pay Ukraine to rebuild – or even to defeat its own invasion? – By John Psaropoulos (Al Jazeera) / Feb 25, 2024
The EU finds itself in uncharted legal territory as it ponders using Russia’s frozen assets against it.
Within days of invading Ukraine in February 2022, Russia lost control of the assets its central bank held in foreign currencies abroad.
Some $300bn was frozen in the European Union, United States, United Kingdom, Canada and Japan – about half the bank’s holdings – as Ukraine’s allies sought to hobble Russia’s ability to wage war.
Legally, the money belongs to Russia, but the EU, which holds the largest chunk – about $207bn – is struggling to find a legal way to use Russia’s money to rebuild Ukraine’s shattered infrastructure.
Some experts believe Russia’s money could even be used to generate immediate benefits for Ukraine’s war effort – especially since $60bn of US military aid remains stalled in Congress.
