Source: EU must retain ability to return Russian assets in full
The EU cannot simply take back Russia’s frozen assets, it must retain the ability to return them in full and with interest, a senior European source told reporters in Brussels.
“The sanctions are aimed at changing behaviour, not punishing. It means you can’t just do what you want to do. You can’t take the money and put it in your own safe. We enforce the rules. When funds are blocked, frozen, you should always be able to get them back as soon as the behaviour of the (sub-sanctioned – ed.) changes. That is, one should be able to return these funds with interest,” he said.
The source also added that when it comes to the use of assets, the EU means precisely financial funds. He also explained that in order to use the proceeds from the Russian assets “one must find an opportunity to earn more from these funds than the interest plus the frozen funds themselves”.
“In addition, when funds are frozen, potential investors will think twice about what could happen to them if they are put on the sanctions lists. We also need to think about a possible domino effect,” he warned.
The source also did not rule out that, in the event of violations in the implementation of the decision to use the assets, legal action could follow from those affected, which would be “counterproductive”.
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