EU countries must report Bank of Russia assets, Commission says

Move opens way for seizing Russian assets, but Swiss government says confiscation would be illegal

Bank of Russia
The Bank of Russia
Photo: Kuba/Wikimedia Commons

European Union countries must report if their financial institutions hold Russian central bank assets under a new sanctions package announced on February 15.

The EU move could make it easier to seize Bank of Russia assets to pay for Ukrainian reconstruction, a policy considered by several European countries. Member states must report Russian central bank assets to EU and national regulatory authorities, European Commission president Ursula von der Leyen said.

But Switzerland’s government said

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