The UK and EU authorities are considering the possibility of legally and financially formalizing the confiscation of Russian assets frozen after the start of the war in Ukraine, Bloomberg reports.
This issue is being discussed at a meeting between UK Foreign Secretary David Lammy and head of European diplomacy Kaja Kallas, which is taking place in London on March 18.
According to the publication’s sources, preparations for a possible confiscation are underway despite the resistance of a number of EU countries, including Germany and Belgium. They fear that such a step could violate international law and affect the euro exchange rate.
After the start of the conflict outside of Russia, assets of the Russian Central Bank worth more than 260 billion euros were frozen, most of which are stored in the Belgian depository Euroclear.
The complete confiscation of assets has been discussed for several years, but so far the EU has limited itself to confiscating profits from them, directing funds to support Ukraine. The EU admits that there are no legal grounds for the complete confiscation of assets yet.
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