Lithuania proposes EU to create mechanism for transferring Russia’s assets to Ukraine

The head of the Lithuanian Ministry of Finance called on the European Commission to seek legal grounds or create new mechanisms for the confiscation of frozen Russian assets in favor of Ukraine *

Gintare Skaiste

There is no legal mechanism in the European Union for the recovery of Russia's frozen assets in favor of Ukraine for the further restoration of the country. This was stated by the Minister of Finance of Lithuania Gintare Skaiste on the radio station iniu Radijas.

“[Russian] assets are located in countries that impose sanctions, which means that the money can be used, because, to put it mildly, they are not on territory of Russia. War reparations could be taken from Russia for the damage caused to Ukraine, but this is not yet a legally regulated process, — stressed the head of the Ministry of Finance of Lithuania (quote from diena.lt).

According to Skaiste, the European Commission should look for legal grounds for this and, if there are none, create new mechanisms so that Russian funds can be used.

The head of the Lithuanian Ministry of Finance stressed that Russian assets could significantly contribute to the restoration of Ukraine.

Since the end of February, the West, in particular the United States, Great Britain and the European Union, have repeatedly tightened sanctions against Russia. Due to restrictive measures, almost half of its gold and foreign exchange reserves were frozen— about $300 billion.

According to the head of the European Commission, Ursula von der Leyen, the EU is looking for opportunities to use these assets to restore Ukraine.

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Russian President Vladimir Putin, in turn, said that violation of international norms and “theft of other people's assets” will only lead to problems for those who do it.

“Theft of other people's assets has never brought good to anyone, especially those who are engaged in this unseemly business”,— stressed the head of state.

The Kremlin warned that they would consider the seizure of Russian assets “in fact, outright theft.” The Federation Council stressed that such a decision could cause retaliatory measures from Russia, as well as alienate other countries and investors from the United States.

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