Use Russian reserves to rebuild Ukraine: EU Foreign Affairs Josep Borrell

Brussels: Josep Borrell, High Representative of the European Union for Foreign Affairs and Security Policy, claimed, ‘There will be a need of hundreds of billions of Euros to rebuild Ukraine after the war, and the Russian reserves can be used for this purpose. Borrell, as well as the United States, have already proposed earlier regarding using the Russian reserves.

The western countries imposed stringent sanctions against Russia following the start of its military campaign in Ukraine. Under the sanctions, the Russian foreign reserves invested by the Russian central bank in foreign countries have also been targeted. Russian funds of USD 300 billion out of USD 600 billion were frozen. The Russian central bank has started legal moves against the action.

But the United States and Ukraine have already started moves to use these reserves for rebuilding Ukraine after the war. US Secretary of State, Antony Blinken, had issued a statement in this respect. Following that, even the EU Foreign Affairs Chief has presented the same proposal. While making this statement, Borrell referred to the United States and Afghanistan. The United States froze Afghan foreign reserves after the Taliban acquired power in Afghanistan. The United States had claimed that these funds would be used for providing direct assistance to the Afghan population.