US, EU working on legal framework to confiscate Russian assets for Ukraine- Blinken

The United States is working with its European allies and partners to create the necessary legal framework for the use of confiscated Russian assets for Ukraine's reconstruction, US secretary of state Anthony Blinken said.

Western countries have frozen USD 300 billion worth of Russian sovereign assets—that is, those belonging to the Russian state—in response to Russia's full-scale invasion of Ukraine.

Kyiv has called for the assets to be confiscated or used to assist in its reconstruction efforts—something which has proved complicated due to the legal nature of the assets’ ownership.

Speaking at a University of Texas event, Mr Blinken said most of the Russian assets the US has frozen are located in Europe.

"So we’re looking at what legal authorities we may have, the Europeans may have, to actually use those assets for Ukraine," he added.

"My own view is you broke it, you bought it. And so the Russians, having broken it, they ought to pay for it. And one way to do that would be through the use of these assets.

"We have to make sure that there is a legal basis to do that. And as I said, since most of the assets are in Europe, Europeans also have to be convinced that there’s a basis to do it."

The US has frozen USD 8 billion worth of Russian sovereign assets, with the bulk in the EU and Japan, US special representative for Ukraine's economic recovery Penny Pritzker said earlier.

Some countries have called for the money to be used to rebuild Ukraine, but other stakeholders, including the European Central Bank, have expressed reservations about the legality and implications of such a move.