EU's Borrell: Should seize Russian reserves to rebuild Ukraine

Market news

9 May 2022

EU's Borrell: Should seize Russian reserves to rebuild Ukraine

European Union (EU) Foreign Policy Chief Josep Borrell said in a Financial Times (FT) interview on Monday, the bloc should consider seizing frozen Russian foreign exchange reserves to help pay for the cost of rebuilding Ukraine after the war.

Key quotes

“It would be logical for the EU to do what the United States did with Afghan central bank assets after the Taliban took over the Asian nation.”

"We have the money in our pockets, and someone has to explain to me why it is good for the Afghan money and not good for the Russian money.”

Market reaction

EUR/USD remains vulnerable just a few pips above 1.0500, shedding 0.41% on the day.

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