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EU Urged to Make Banks Report Size of Frozen Russian Assets

A fifty ruble banknote.

A fifty ruble banknote.

Photographer: Andrey Rudakov/Bloomberg 

The European Union should consider requiring banks to report details on the value of frozen Russian central bank assets if it wants to use sanctioned funds to help pay for Ukraine’s reconstruction, according to the bloc’s lawyers. 

The EU’s legal service said the bloc’s laws would permit it to invest the frozen assets and use the proceeds to help Kyiv, but officials must first get a handle on the scale of central bank and other sanctioned state-backed assets that have been immobilized, according to a document shared this week with member states as leaders met with Ukrainian President Volodymyr Zelenskiy in Brussels.