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Bloomberg: EU Urged to Make Banks Report Size of Frozen Russian Assets
(Bloomberg) -- The European Union should consider requiring banks to report details on the value of frozen Russian central bank assets if it wants to use sanctioned funds to help pay for Ukraine’s reconstruction, according to the bloc’s lawyers.
The EU’s legal service said the bloc’s laws would permit it to invest the frozen assets and use the proceeds to help Kyiv, but officials must first get a handle on the scale of central bank and other sanctioned state-backed assets that have been immobilized, according to a document shared this week with member states as leaders met with Ukrainian President Volodymyr Zelenskiy in Brussels.
Officials have estimated that some $258 billion could be located, based on information the Bank of Russia gave in a 2022 report on its foreign exchange and gold asset management, according to the document. So far, EU nations have reported about €33.8 billion ($36.4 billion) of Russian central bank assets that have been frozen, but that figure is still being assessed.
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Update #1: Where is the Russian money in Europe? (Modern Diplomacy)
Update #2: EU has no clue about whereabouts of 86% of frozen Russian central bank assets — Bloomberg (TASS).
WNU editor: From TASS .... Of $258 billion that were seized, not more than $36.4 billion has been located, the report said.
Sighhhh .... this is why foreign governments and companies have lost confidence in the U.S. and the EU when it comes to money and reserve currencies.
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