"We also addressed the question of frozen assets. There was extremely good debate on that, and there was a broad desire for us to make decisive steps on the subject. We presented to the High Representative and the Commission the need to come forward with operational proposals, so that we have the capabilities, so we can mobilize some of those assets," Michel said at a press conference after the second day of the European Council in Brussels.
After the start of Russia's military operation in Ukraine on February 24, 2022, the Western countries have imposed comprehensive sanctions against Russia, including the freezing of nearly half of the country's foreign currency reserves, worth close to $300 billion.
The EU has been discussing a legal framework that would allow for the confiscation of assets of Russian citizens and entities accused of violating EU sanctions. Russia argues that any attempt by the EU to confiscate frozen assets would violate international law. Kremlin spokesman Dmitry Peskov told Sputnik that Russia would do everything necessary to reclaim its assets.