EU pledges plan to confiscate Russian assets for Ukraine

European Commission President Ursula von der Leyen said this in Brussels on Wednesday.

Russia must financially pay for the devastation it has caused. The losses to Ukraine are estimated at 600 billion euros. Russia and its oligarchs must compensate Ukraine for the losses and cover the costs of rebuilding the country. And we have the means to make Russia pay. We have blocked 300 billion euros of Russian central bank reserves and frozen 19 billion euros of Russian oligarchs' money.

In the short term, the EU could, together with partners, set up a structure to manage and invest these funds.

The official promised that the EU would work on an international agreement with partners to make this possible in a legal way.