29 Mar, 2023

Seized Russian assets must fund EU aid to Ukraine

At the initiative of Renew Europe, the European Parliament Committee on Budgets has proposed 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. Now, Russian assets confiscated in recent months by the Member States should be converted to revenue for the EU budget. Nearly €20 billion have already been seized from people sanctioned by the EU over the past year and Renew Europe believes the money should be used for the reconstruction of Ukraine. 

Vlad Gheorghe MEP (USR, RO), Parliamentary Rapporteur for opinion within the European Parliament on Budgets 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 ward, a theatre, a bridge...the reconstruction costs in Ukraine approach 400 billion 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 Kyiv 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!” 

Photo credit: Vlad Gheorghe

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