Germany shares the idea of the European Union to seize Russian state assets in favor of Ukraine, but does not support the proposal to confiscate the property of Russians who fell under Western sanctions. About it German Finance Minister Christian Lindner told the Financial Times.
The proposal to confiscate Russia’s frozen foreign exchange reserves to cover the costs of rebuilding Ukraine after the war was put forward earlier in May by EU High Representative for Foreign Policy Josep Borrell. Lindner noted that Germany is “open” to the idea, but Berlin “still needs to work out the legal issues and implications”.
However, the minister spoke out against the seizure of private assets of Russian oligarchs. “Countries based on the rule of law guarantee private property,” he said. According to him, the obstacles to confiscation are very difficult to overcome.
Instead, Lindner suggested convincing oligarchs and other private individuals to “contribute to reparations for Ukraine on a voluntary basis.” He named the possibility of using sanctioned assets of individuals to finance the reconstruction of Ukraine is a topic for discussion in which he would like to participate.
As Bloomberg previously reported, the European Union is preparing a financial package to cover Ukraine’s financial deficit of $15 billion over three months. The European Commission will offer Kyiv loans in the amount of 7 to 9 billion euros to finance urgent bills. Package details are still being discussed.