Europe considers confiscating Russian superyachts to compensate Ukraine
EU Justice Commissioner Didier Reynders explained that Brussels is working on a tool that will allow it to 'raise funds'
The European Commission is working on a tool to seize the assets of sanctioned Russian individuals and entities across Europe and channel the funds into a common fund to compensate Ukraine.
European Justice Commissioner Didier Reynders made this statement during a press conference, saying: "We are working on a European instrument that will make confiscation an option available to all Member States." He then added that the subsequent "intention" is to ask countries to allocate the financial resources from confiscations to a common fund that will allow financing the victims" of the war, "Ukraine and the Ukrainians."
So far, Brussels has acted "primarily on asset freezing by coordinating the activities of member states; some of them have already had the option of proceeding with confiscations," but Brussels' goal is to develop an instrument that will allow confiscations "anywhere in the European Union when there is a desire to circumvent sanctions," Reynders explained. Attempts to evade sanctions, he added, will be considered "a criminal act."
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