Lithuania, Latvia, Slovakia, and Estonia have called for the confiscation of russia's frozen assets and their use to rebuild Ukraine. This was reported by Reuters, citing an unpublished document, which they had the opportunity to read.
Ukraine estimates the need to rebuild the state after the war at $600bn. But as the war continues, the amount could rise.
“A significant part of the costs of rebuilding Ukraine, including compensation for the victims of Russian military aggression, must be covered by Russia,” the letter says, which is planned to be provided to EU finance ministers on Monday.
The letter calls for new sanctions against Moscow.
“As a result, if russia does not stop its military aggression against Ukraine, there should be no economic ties between the EU and russia at all, ensuring that no financial resources, products, or services will contribute to russia's military machine,” the document said.
The EU and like-minded countries have already frozen the assets of russian individuals and legal entities and about $300bn in central bank reserves.
“We must now identify legitimate ways to maximize the use of these resources as a source of funding Ukraine's efforts to counter russian aggression and post-war reconstruction,” said Lithuania, Latvia, Estonia, and Slovakia.
The countries added that the confiscation of state assets - such as central bank reserves or property of state-owned enterprises - has a direct bearing on this.
As stated earlier, the other day European Commission President Ursula von der Leyen said that the European Union was looking for ways to use the frozen assets of russian oligarchs to finance Ukraine's reconstruction after the war.
EU Foreign Minister Josep Borrell said that the European Union should consider withdrawing frozen russian foreign exchange reserves and sending them to Ukraine's reconstruction. Borrel considers it a logical step to do with these assets, as the United States did with the Afghan central bank after the transfer of power to the Taliban.