Russian assets to remain frozen until Moscow pays reparations, German chancellor says
Russia must pay Ukraine roughly EUR500 billion ($585 billion) in reparations before it would be allowed to access its central bank assets frozen in the West, German Chancellor Friedrich Merz said on July 10.
Merz made the statement at the Ukraine Recovery Conference in Rome, as reported by German broadcaster Deutschlandfunk.
“Chancellor Merz stated that Russia must pay for the approximately EUR500 billion in damages caused,” said the report.
“Until this happens, Moscow should not be allowed access to its frozen assets.”
Germany’s Minister for Economic Cooperation and Development, Rima Alabali-Radovan, added that Berlin is committed to providing Ukraine with “significant” financial help to rebuild infrastructure destroyed by Russian attacks.
She estimated that Ukraine will need about EUR500 billion over the next decade for post-war reconstruction. She stressed that Russia must cover the cost of the damage and noted that active negotiations are underway on the legal use of Russia’s frozen assets for this purpose.
Earlier reports indicated that the European Union is exploring a more aggressive approach to confiscating the Russian central bank’s frozen assets. As of now, the funds (around $280 billion, held primarily by the Belgian clearinghouse Euroclear) are used to support Ukraine only through transfers of interest revenues they generate.
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