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  • Writer's pictureBy The Financial District

EU Has Authority To Use 33.8-B Euros In Frozen Russian Assets For Ukraine

The European Union (EU) has the "legal authority" to use at least 33.8 billion euros of frozen assets of Russia's central bank for the reconstruction of Ukraine, Bloomberg reported, citing unnamed sources.

Photo Insert: Despite all the sanctions, Europe remains dependent on Russian gas.

Meanwhile, the International Monetary Fund (IMF) is exploring a new Ukraine aid package worth up to $16 billion. The IMF said the multiyear aid package would help cover the country’s needs.

It might also serve as a catalyst for more international funding while Ukraine tries to repel Russian forces, people familiar with the matter told Bloomberg.

Europe is still hooked on Russian gas despite the deep cut. It paid more to Russia in 2022 than in 2021 despite reducing its dependence on Russian energy. The EU imported $50 billion worth of Russian gas, fueling Russia's war machine and helping fund war crimes in Ukraine.

When Russia unleashed its war last February, Ukraine urgently needed weapons and ammunition to defend itself. European private arms dealers saw an opportunity and drove the prices of their services up, Ukraine Daily reported.

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