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    • $200 billion in frozen Russian assets could help rebuild Ukraine. Europe is trying to figure out how

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    LONDON -

    Russian assets frozen in European accounts could generate billions of dollars a year for rebuilding Ukraine. But can that money be used without breaching international law or damaging the euro鈥檚 international standing?

    European Union leaders grappled with that question at a meeting of the European Council in Brussels Thursday.

    鈥淭he European Council took stock of the work done regarding Russia鈥檚 immobilized assets,鈥 the leaders said in a statement after the meeting, adding that they would continue to work on the issue 鈥渋n accordance with EU and international law, and in coordination with partners.鈥

    The World Bank estimates Ukraine will need at least $411 billion to repair the damage caused by the war. And the EU and its allies are determined to make Russia foot part of the bill.

    One idea put forward in the EU is to draw off the interest on income generated by Russian assets while leaving the assets themselves untouched.

    This approach would probably deliver about 鈧3 billion (US$3.3 billion) a year, according to Anders Ahnlid, the director general of the Swedish National Board of Trade and head of the EU working group looking into frozen Russian assets.

    鈥淚t鈥檚 the best way of using these assets in accordance with EU and international law,鈥 Ahnlid told CNN, noting that was also the view of lawyers at the European Commission, which has promised to propose a way to tap frozen Russian assets within weeks.

    鈥淭he Commission will come forward with a proposal and we will focus prudently on the windfall profits from the immobilized assets of the Russian central bank,鈥 Commission president Ursula von der Leyen told reporters in Brussels Friday at the end of the two-day meeting.

    But some EU member states, and the European Central Bank (ECB), have expressed concerns that even a carefully targeted plan could shake confidence in the euro as the world鈥檚 second biggest reserve currency. The EU has been at pains to contrast the illegality of Russia鈥檚 invasion with its own strict adherence to the rule of law.

    鈥淲e have to respect the principles of international law,鈥 said a senior EU diplomat, who requested anonymity because he is not authorized to discuss closed-door meetings. 鈥淚t鈥檚 a matter of reputation, of financial stability and trust.鈥

    The ECB declined to comment.

    HOW IT WOULD WORK

    After the full-scale invasion of Ukraine in February last year, EU and Group of Seven countries imposed unprecedented sanctions on Russia, freezing nearly half of its foreign reserves 鈥 some 鈧300 billion (US$327 billion) 鈥 among other measures.

    Around two-thirds of that, or 鈧200 billion (US$218 billion), sits in the EU, mostly in accounts at Belgium-based Euroclear, one of the world鈥檚 largest financial clearing houses.

    Euroclear plays a crucial role in global markets, settling cross-border trades and safekeeping more than $40 trillion in assets.

    The group said in April that cash on its balance sheet had more than doubled over the year to March to stand at 鈧140 billion (US$153 billion), boosted by payments associated with frozen Russian assets, including bonds.

    Ordinarily, these payments would have been made to Russian bank accounts, but they have been blocked as a result of sanctions and are now themselves generating vast amounts of interest.

    Euroclear routinely invests such long-term cash balances and, in the first quarter, it recorded 鈧734 million (US$802 million) in interest earned on cash balances from sanctioned Russian assets.

    The plan proposed by the EU working group would involve using a special levy to collect the windfall interest income made by Euroclear from frozen Russian assets, which would then be paid into the EU budget for the reconstruction of Ukraine.

    Speaking on the sidelines of Thursday鈥檚 EU meeting, Latvia鈥檚 Prime Minister Arturs Kri拧j膩nis Kari艈拧 said frozen Russian assets were 鈥渓ow-hanging fruit.鈥

    鈥淲e need to find a legal basis to utilize, mobilize these assets to help鈥 pay for the damage Russia is causing in Ukraine,鈥 he said.

    But one senior EU official warned of unintended consequences, such as causing other countries or investors to worry about the safety of their assets in Europe.

    鈥淭hose who have money might think 鈥.鈥檞hat if one day, I鈥檓 on the list,鈥欌 the official, who also requested anonymity because the discussions are private, said Wednesday.

    One way to reduce risks to the EU would be to coordinate action with the G7. 鈥淚 think discussion at the G7 is quite key,鈥 the official added.

    Ahnlid echoed this, noting that many EU member states had stressed the importance of the bloc taking steps 鈥渋n tandem with G7 partners.鈥

    ------

    James Frater contributed reporting.

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