The High Representative of the European Union for Foreign Relations and Security Policy Josep Borrell reported that the use of Russia’s frozen foreign exchange reserves in the reconstruction of Ukraine could be considered. Giving an interview to an international press organization, Borrell noted that due to the Russia-Ukraine war, Russia’s frozen foreign exchange reserves should be transferred to Ukraine.
Borrell pointed out that the post-war reconstruction of Ukraine could amount to hundreds of billions of euros, noting that EU countries should evaluate the confiscation of Russia’s frozen foreign exchange reserves and the use of this in the reconstruction of Ukraine.
Recalling that the United States carried out a similar practice after the Taliban took over in Afghanistan, Borrell noted that this could also be done to the reserves of the Bank of Russia. Borrell drew attention to the fact that the use of foreign exchange reserves in Ukraine may be a method of Russia’s payment of war reparations to Ukraine. Due to the sanctions imposed, the Central Bank of Russia has frozen about $ 300 billion worth of gold and foreign currency reserves outside the country.