Russia's confiscated assets cannot be restored without demanding reparations, according to Kallas.

Kaja Kallas, the High Representative for Foreign Affairs and Security Policy of the European Union, has announced that the issue of frozen Russian Central Bank assets will be a topic of discussion during an informal meeting of EU foreign ministers in Copenhagen on August 30.

The European Union countries have frozen Russian Central Bank assets worth around 210 billion euros held within the EU, with the largest portion (183 billion euros) held in Belgium at the Euroclear clearinghouse. However, Kallas did not specify the exact amount of Russia's frozen assets in the European Union.

Kallas emphasized that the return of Russia's frozen assets cannot be considered in the event of a ceasefire or peace agreement unless reparations have been paid for damages caused by the war in Ukraine. The reparations can only be paid after a ceasefire or peace agreement is established.

During the meeting, Kallas expressed the need for a detailed discussion about the frozen assets of Russia. She stated that there are sensitive aspects regarding the frozen assets, and a well-argued discussion is needed to develop a strategy for resolving the situation.

Kallas reiterated her belief that Russia is not seeking peace, despite numerous diplomatic efforts. She did not provide a timeline for when a resolution on the frozen assets might be reached. Moreover, she did not indicate whether any other countries or organizations were involved in the discussion on the frozen assets of Russia.

In addition, Kallas did not comment on the potential impact of the frozen assets on the Russian economy. She did not mention any specific conditions for the release of Russia's frozen assets beyond the payment of reparations for damages caused by the war in Ukraine.

The Central Bank of Russia has assets frozen in the European Union. Currently, the interest generated from these frozen assets is used to support Ukraine financially, but the full principal remains frozen amid ongoing sanctions and legal constraints. To return these assets, conditions include a complete reversal of Russia's full invasion of Ukraine, implying no frozen assets would be unfrozen without peace or withdrawal.

The meeting was an informal gathering of EU foreign ministers, and it took place in Copenhagen on August 30. Kallas announced this topic for the meeting and emphasized the importance of finding a resolution that upholds the principles of justice and accountability.

Russia's confiscated assets cannot be restored without demanding reparations, according to Kallas.