EU High Representative suggests using $300 billion in frozen Russian assets to fund Ukraine's recovery

As reported by Bloomberg, speaking before the European Parliament, Kallas said: “I will not use the word 'confiscation,' because we are really talking about using the assets in a legal way.”

Her proposal differs from the G7's current stance, which only supports using the proceeds from frozen Russian assets, not the assets themselves.

Kallas argued that while Russia has legitimate claims to its frozen assets, Ukraine has even more pressing claims due to the destruction caused by the war. She stressed that rebuilding Ukraine should be Russia’s responsibility, as they are the ones destroying it. She added that Russia could "take back" its assets if a war settlement is reached, though she doubted much would be left by then.

When asked why EU taxpayers should foot the bill for Ukraine's reconstruction, Kallas firmly stated, “We shouldn’t. Those who are destroying Ukraine are paying for it,” she said. 

• Russian assets will remain frozen until the war ends, as stated by the European Council.