Lagarde: Use of Russian assets must be in accordance with the law

The European Union is examining how frozen Russian state assets could be used to support Ukraine. However, ECB President Christine Lagarde warns that any move must respect international law.
The assets in question are worth €210 billion and were frozen after Russia's invasion in 2022.

Brussels does not want to confiscate these assets directly – instead, it is considering investing them in special bonds issued by the European Commission. The proceeds could be used to create a new fund for the reconstruction of Ukraine.

However, Lagarde emphasizes that any legally questionable move could undermine the credibility of the euro and jeopardize financial stability. The ECB will therefore closely monitor the entire process.

The proceeds from the invested assets are currently frozen in the Belgian depository Euroclear. The next steps depend on the approval of all parties holding these assets.

(reuters, lup)