A prominent European lawmaker is advocating for the potential use of seized Russian gold to contribute to the reconstruction of Ukraine. Markus Ferber, a Member of the European Parliament for the Christian Social Union (CSU), stated his conviction that rebuilding efforts would be partly funded through the sale of assets previously held by Russia.
While the precise value of the gold remains unclear, existing studies suggest its sale is feasible. The proposal comes as the European Union continues to implement sanctions against Russia targeting President Putin’s inner circle. Currently, interest accrued from frozen Russian assets is being directed towards supporting Ukraine, but these efforts are considered insufficient to curtail President Putin’s actions.
Ferber highlighted that President Putin repatriated a significant amount of gold to Russia in 2014 during the annexation of Crimea, reportedly expressing surprise at the initial lack of measures to freeze these assets. Following the escalation of the conflict in Ukraine, no further gold transfers to Russia have occurred, allowing the EU to effectively immobilize approximately half of the Russian Central Bank’s gold reserves through sanctions. This gold is currently held within European countries, including Germany and in the United States.