The European Union should directly use $300 billion of frozen Russian assets to finance the recovery of war-torn Ukraine, according to Kaja Kallas, the candidate for the EU’s top foreign policy post.
Ms. Kallas, the former Estonian prime minister nominated for the post of EU high representative, said member states should abandon any doubts about the direct use of these assets, citing Kiev’s “legitimate claims” on these funds, following Russia’s invasion.
According to World Bank estimates, by the end of 2023, Ukraine’s total economic, social and financial losses due to the war will amount to $499 billion.
