Russia must pay for Ukraine reconstruction, EU chief says

Russian assets worth US$21 billion have been frozen since Moscow invaded Ukraine, along with US$312 billion in foreign exchange reserves

These reserves are blocked and ‘there are legal procedures, but the proposal is on the table … Russia has to pay’, EU chief says

3-MIN READ3-MIN

A Ukrainian woman cries in front of the building that was her home before it was destroyed by Russian bombs. EU says Moscow must pay to rebuild Ukraine. Photo: AP

Published: 8:53pm, 1 Dec 2022

European Union foreign policy chief Josep Borrell said at regional security talks on Thursday that he plans to discuss with his counterparts any available legal means to ensure Russia pays for the reconstruction of war-torn Ukraine.

Borrell spoke at the start of this year’s two-day ministerial conference of the Organisation for Security and cooperation in Europe (OSCE) in the central Polish city of Lodz.

“I will meet with my colleague foreign ministers today … We will explore all legal possibilities to make sure that Russia will pay for the destruction it’s causing in Ukraine,” Borrell told reporters.

He recalled that the EU has frozen Russian assets worth nearly 20 billion euros (US$21 billion) since Moscow invaded Ukraine, and that Western sanctions have also led to the freezing of 300 billion euros (US$312 billion) of Central Bank of Russia foreign exchange reserves around the world.

“These reserves are blocked. But from being blocked to being seized is a strong difference”, Borrell said. “And there are legal procedures that have to be studied. But our proposal is on the table … Russia has to pay for the reconstruction of Ukraine”.

A high-level meeting of the Organisation for Security and Cooperation in Europe (OSCE) taking place in Poland. Photo: AP

EU chief Ursula von der Leyen had on Wednesday floated the idea of a “specialised court” to put Russia’s top officials on trial over the war in Ukraine.