BRUSSELS, February 9. /TASS/. The EU legal service has effectively confirmed that it has no clue about the whereabouts of 86% of frozen Russian central bank’s assets, Bloomberg reported on Thursday.
Of $258 billion that were seized, not more than $36.4 billion has been located, the report said, citing a document that has been prepared for EU leaders ahead of the recent summit attended by Ukrainian President Vladimir Zelensky.
In order to transfer the Russian assets to Ukraine, they should be found first, the legal service said. It recommended that the EU summit bind European banks to immediately provide all data on the frozen Russian assets to the European Commission.
Lawyers estimate that about $258 billion can be located based on the data that the Bank of Russia reported about its currency and gold reserves at the start of 2022. To date, EU countries have reported the whereabouts of $36.4 billion of the frozen assets of the Russian central bank, the news service said.
EU Sanctions Seek to Make Banks Divulge Frozen Russian Assets
The European Union is poised to
force banks to report information on Russian Central Bank assets as part of the bloc’s latest sanctions package targeting Moscow for its war in Ukraine, according to draft proposals seen by Bloomberg.
Getting a handle on the scale of central bank and other sanctioned state-backed assets that have been immobilized in the EU is seen as a first step to exploring options to potentially using those funds to contribute to Ukraine’s reconstruction.
The European Commission, the bloc’s executive arm, also proposed strengthening the reporting obligations on frozen assets linked to sanctioned Russian companies and individuals, and suggested fines — of as much as €50,000 for individuals and 10% of annual turnover for entities — to be imposed for failure to provide the required information, the documents say.