EU Sees Hurdles to Seizing €200 Billion in Russian Assets
- Officials mull making ‘temporary’ use of central bank funds
- Wall Street banks say Russia could retaliate against seizure
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The European Union has assessed that it can’t legally confiscate outright frozen Russian assets and instead is focusing on using those assets temporarily, according to a document obtained by Bloomberg.
The EU is zeroing in on two options as it keeps exploring how it could harness more than €200 billion ($219 billion) in frozen Russian central bank assets and channel them to Ukraine, the report said. Many of the funds are at settlement giant Euroclear Ltd., where they generated nearly €750 million by the first quarter of this year.