Seized Russian oligarch cash must fund EU aid to Ukraine

Author: Yannick Laude



BUDG Asset recovery and confiscation

At the initiative of Renew Europe, the Parliamentary Committee on Budgets (BUDG) proposed today with a large majority to extend the scope of the proposal for a directive on Asset recovery and confiscation to seizures carried out for Russian aggression against Ukraine and circumvention of sanctions against Russia. It would be a question of converting the Russian assets confiscated in recent months by the Member States as revenue for the EU budget. Nearly twenty billion euros have already been seized from people sanctioned by the EU over the past year and Renew Europe considers that it would make sense to use this money for the reconstruction of Ukraine.

Vlad GHEORGHE (USR, Romania), parliamentary rapporteur for opinion within BUDG for the directive on Asset recovery and confiscation, said:

“I have been to Bucha and Irpin and I have seen the level of devastation in Ukraine. You truly understand it when you walk through the rubble that here, once stood a home, an office building, a school, a maternity, a theatre, a bridge… The reconstruction costs in Ukraine approach 400 billion euro today, one year after the start of atrocious and unjustified war which Putin wages against Ukrainians. Considering that the EU remains the major contributor to the rebuilding of infrastructure in Ukraine, we should increase our capacity to help Kiev by confiscating the assets of those who violate EU sanctions against Russia and those who are engaged in Russia’s aggression against Ukraine. Russia must pay and it will pay!”


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