Over €240 billion worth of Russian assets have been frozen in Europe

The European Union is developing a mechanism to utilize frozen Russian assets to compensate for the damages inflicted by Russian aggression. Specifically, they are addressing €37 billion in private assets and €208 billion in state assets of the Russian Federation that have been frozen within the EU.

European Commissioner for Justice, Didier Reynders, made this announcement during the final press conference following the international conference «Restoring Justice for Ukraine» held in The Hague.

«We are persistently advancing efforts to secure reparations financing, as it is imperative for Russia to be held accountable for the damages. This includes discussions concerning both private and state-owned Russian assets, totaling €37 billion and €208 billion respectively», — stated the European Commissioner, as reported by Ukrinform.

Reynders expressed optimism regarding the swift adoption of recent proposals aimed at utilizing the proceeds from immobilized Russian assets to address Ukraine’s needs in countering Russian aggression. He estimated that these proceeds could yield approximately €2-3 billion annually.

The European Commissioner underscored that the initiation of applications to the Register of Damages Caused by Russian Aggression against Ukraine signifies progress toward reparations for Ukrainian citizens who have endured human rights violations or serious breaches of international humanitarian law.

«This register marks the initial phase. Moving forward, we must establish a Commission on Reparations, a proposal which has garnered widespread support among participants today», — Reynders added.

The previous day, on April 2nd, the international conference «Restoring Justice for Ukraine» in The Hague announced the commencement of applications to the Register of Damages Caused by Russian Aggression against Ukraine. The Register is now accepting applications for compensation from victims of Russia’s armed aggression, initially focusing on damage or destruction of residential property. Ultimately, the Register will encompass over 40 categories.