EU "Support for Ukraine Reconstruction Needed Using Seized Russian Assets"

Provide Loans to Ukraine by Raising Funds in Financial Markets
Consider Utilizing Seized Assets from Russia and Belarus

On the 10th (local time), smoke was rising from the Azovstal steel plant in Mariupol, a southern port city of Ukraine. [Image source=Yonhap News]

[Asia Economy Reporter Minwoo Lee] The European Union (EU) is considering a plan to utilize assets seized through sanctions on Russia to aid in the reconstruction of Ukraine, which has endured war.

On the 16th (local time), the British daily The Guardian obtained the EU's support plan for Ukraine and reported accordingly. According to The Guardian, the European Commission, the EU's executive body, determined that additional external funding is necessary for Ukraine's post-war reconstruction. It is also reported that the Commission argued that, in addition to grants provided free of charge by member states, the EU should collectively borrow money from international financial markets to offer loans to Ukraine. Previously, in 2020, the EU raised 750 billion euros (approximately 999 trillion won) to address the damages caused by COVID-19.

Furthermore, it is known that the EU is also considering utilizing various assets seized through sanctions on Russia and Belarus. Earlier this month, Charles Michel, the President of the European Council, stated in an interview with Ukrainian local media that "we should not only freeze the assets of the two countries but also seize them to be used for Ukraine's reconstruction." Lawmakers from the United States and the United Kingdom have also emphasized the necessity of such measures.

Meanwhile, The Guardian expects the EU's Ukraine support plan to be announced on the 18th.

This content was produced with the assistance of AI translation services.