June 25, 2022
Borrell suggests that the EU use Russian reserves to rebuild Ukraine

Borrell suggests that the EU use Russian reserves to rebuild Ukraine

The Josep Borrell, EU High Representative for Foreign Affairs and Security Policy, believes that the EU should consider using frozen Russian reserves to support the costs of rebuilding Ukraine after the war.

The proposal was made in an interview published Monday in the Financial Times.

For Borrell, it would be “logical” for the European Union to do the same as the United States did with the assets of the Central Bank of Afghanistan after the Taliban took control of the Asian country.

“We have money on our side and someone has to explain to me why you can’t do it with Russian money if it’s done with Afghan money,” he asked.

Note that Washington froze Afghan funds after the Taliban seized power and planned to use some of it to help the Afghan people humanitarianly.

Western countries froze more than $299 billion in Russia’s foreign exchange reserves in response to the invasion of Ukraine.

Since then, European officials have debated whether the sanctioned assets could somehow be used to rebuild Ukraine once the war is over. However, no concrete political proposal was made.

Read also: By minute: 60 confirmed school deaths; Arrival of civilians to Zaporizhzhya

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