European Union officials said the bloc can’t confiscate tens of billions of euros worth of frozen Russian central-bank funds to pay for Ukraine’s reconstruction
Catch up on the headlines, understand the news and make better decisions, free in your inbox every day.The Commission also proposed Wednesday the establishment of a specialized court to prosecute senior Russian officials with the crime of aggression against Ukraine. The EU executive said the court could be an independent international tribunal or a court composed of international judges and integrated with a national justice system.
Absent that new authority, the administration is constrained in what it can do, officials say. Adding to their troubles, finding assets owned by oligarchs is proving a task that could take years, they say. Ownership and control of those assets are often hidden under layers of corporations, trusts, business associates and family members, current and former Treasury officials say.
In the longer term, EU officials said they would push for Russia to agree to hand over some of the frozen assets to compensate Ukraine as part of a future peace settlement.
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