Borrell: The EU should confiscate Russia’s foreign exchange reserves and use them to rebuild Ukraine
Brussels, 9 May, LETA – REUTERS. The European Union (EU) should consider confiscating Russia’s frozen foreign exchange reserves to help finance the reconstruction of war-torn Ukraine, EU High Representative for Foreign Affairs and Security Policy Joseph Borrell told the Financial Times.
The EU and Western countries have restricted the international reserves of the Russian central bank since Moscow’s invasion of Ukraine.
Borrell said it would be logical for the EU to do what the United States did with the assets of the Afghan central bank after the Taliban took control of the country.
“There’s money in our pockets, and someone should explain to me why it’s good for Afghan money, but not good for Russian money,” Borrell said.
Meanwhile, Russia’s deputy foreign minister, Alexander Grushko, has said Borrell’s proposal would be utterly illegal and would be detrimental to Europe if implemented.
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