The European Commission does not want to completely seize frozen Russian assets, what does the ECB say?

On July 14, Bloomberg quoted informed sources as saying that disagreements had arisen between the European Commission (EC) and the European Central Bank (ECB) over how to use Russia's frozen assets.

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Bloomberg estimates that the frozen Russian assets could generate around 3 billion euros in profits. (Source: Getty)

Accordingly, the EC - the executive body of the European Union (EU) - disagreed with the ECB on the plan to use profits from more than 200 billion Euros (217 billion USD) of frozen assets of the Russian Central Bank to support the reconstruction of Ukraine.

ECB Governor Christine Lagarde warned that action against sanctioned assets could threaten the financial stability of the eurozone and the liquidity of the currency, sources said.

The amount at stake, she noted, far exceeds the billions the move would bring to Ukraine. Several EU member states have backed Ms Lagarde’s warning.

Bloomberg estimates that the frozen Russian assets could generate around 3 billion euros in profits, although by some calculations the figure could be higher.

Previously, it was reported that the EC did not want to completely confiscate frozen Russian assets in European countries because there was no proper legal reason for this measure.

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