EU should seize Russia reserves to rebuild Ukraine, says top policy chief

NDTV
Mon, 09 May 2022 02:20 UTC

© Unknown

EU foreign policy chief Josep Borrell

The European Union should consider seizing frozen Russian foreign exchange reserves to help pay for the cost of rebuilding Ukraine after the war, its foreign policy chief, Josep Borrell, said in an interview with the Financial Times.

The EU and its western allies have put curbs on the Russian central bank's international reserves since the country began its invasion of Ukraine, actions Moscow describes as a "special military operation".

Borrell told the newspaper it would be logical for the EU to do what the United States did with Afghan central bank assets after the Taliban took over the Asian nation.

Comment: And that worked out so well?

"We have the money in our pockets, and someone has to explain to me why it is good for the Afghan money and not good for the Russian money."

Washington froze the Afghan funds after the military takeover by the Taliban and plans to use some to help the Afghan people while holding the rest to possibly satisfy terrorism-related lawsuits against the Islamist militants.

Comment: Washington says a lot of lofty things (it never means) to justify theft. Afghanistan didn't stand a chance. Russia, on the other hand, has the power to wipe the globe.

Comment: 'It's a steal!' The so-called 'pay off' will never reach Ukraine. Russia is the target. Ukraine is the excuse.

Seizing the foreign-exchange reserves of the Russian state would be an act of "complete lawlessness" and would undermine the very basis of international relations, Deputy Foreign Minister Alexander Grushko has said, commenting on an idea floated by the EU's top diplomat, Josep Borrell.

Grushko told RIA Novosti that the EU's "appetite comes with eating" and that confiscation of the assets would be "complete lawlessness, the destruction of the very foundation of international relations." In Grushko's opinion, such a decision:

"If taken, will hit the Europeans themselves, hit the modern financial system and undermine confidence in Europe and in the West in general. This is the law of the jungle."

Since the beginning of Russian military operation in Ukraine in late February, half of Russia's international reserves, around $300 billion, have been frozen as part of the Western sanctions. Russian Foreign Minister Sergey Lavrov said that Moscow could not have foreseen this development and that the freeze, in his opinion, essentially constitutes theft.

$300B? Merely reimbursement (in hand) for dumping outdated and semi-useless equipment on Zelensky.
Claims to 'rebuild Ukraine'? Look how that worked for Syria.