Brussels can set up company managing frozen Russian assets

BRUSSELS, Nov 30 (PRIME) -- The European Commission has suggested establishing an entity to manage frozen Russian assets, President Ursula von der Leyen said in a statement on Wednesday.

"We have blocked 300 billion euros of the Russian Central Bank reserves and we have frozen 19 billion euros of Russian oligarchs' money," the official said.

"In the short term, we could create, with our partners, a structure to manage these funds and invest them. We would then use the proceeds for Ukraine."

After sanctions are removed, the money could be used in damage compensation to Ukraine.

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