Lithuania calls for confiscation of frozen russian assets

In particular, this involves transferring russian assets to a special purpose vehicle.

This was stated by Lithuanian Foreign Minister Kęstutis Budrys before the start of an informal meeting of EU foreign ministers in Copenhagen on 30 August, according to a correspondent for European Pravda.

russian frozen assets can be placed in a special purpose company for further use for the benefit of Ukraine.

‘Lithuania proposes to move forward quickly with the confiscation of frozen assets. We have been stuck on this for too long,’ Budrys said.

He said that the EU has ‘at least several legal solutions on how to organise this,’ although he understands ‘that there are certain risks involved.’

"We must take the money, assets, including Central Bank assets held in Euroclear (a Belgian depository where more than €200 billion in frozen russian assets are held – ed.), place them, as one option – in a special purpose vehicle – and implement this through the appropriate legal procedure," the Lithuanian minister explained the process.

‘This could be provided as guarantees in the form of loans to Ukraine with certain conditions regarding the payment of reparations by russia,’ he added.

Kęstutis Budrys expressed his conviction that ‘this is how we will share the responsibility and costs associated with the risks.’

Source: European Pravda