EU Commission Preparing Legal Tool to Allow Seizing Frozen Russian Assets

Governments could redirect proceeds from stolen assets to Ukraine

Image Credits: FEDERICO SCOPPA/AFP via Getty Images.

EU Justice Commissioner Didier Reynders confirmed on Wednesday that the EU executive body was laying legal basis for seizing frozen Russian assets after media said that the EU wanted to make sanctions evasion a crime punishable by confiscation.

“We are indeed working on a European instrument which will allow us to make confiscation a possibility across the EU when attempts being made to circumvent sanctions,” Reynders told a press conference after the end of EU college of commissioners meeting.

Politico reported earlier in the day that the European Commission would present a legal proposal to this effect in two weeks.

National governments will reportedly be free to decide what to do with the assets or their proceeds, including whether the money should be diverted to Ukraine.

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