The European Union is working on how to utilize the frozen Russian assets - €37 billion of private and €208 billion of state-owned - to compensate for the damages caused by Russian aggression. This was stated by the European Commissioner for Justice, Didier Reynders, during a concluding press conference after the international conference "Justice for Ukraine" in The Hague.

"We will continue to work on the issue of financing reparations because it is important for Russia to pay for compensating the damages. And we are working on this in all our discussions regarding Russian assets, whether private or state-owned. In Europe, we have €37 billion in private assets and over €208 billion in state-owned assets," he said.

Reynders expressed hope for the "swift adoption of recent proposals on the use of proceeds from immobilized Russian assets" for Ukraine's needs in its fight against the Russian aggressor. According to his estimation, these proceeds could amount to around €2-3 billion per year.

The Eurocommissioner emphasized that with the launch of submitting claims to the Registry of Losses caused by the aggression of the Russian Federation against Ukraine, "Ukrainian citizens who have suffered human rights violations or become victims of serious violations of international humanitarian law are one step closer to reparations."

"And this registry is the first step because now we need to move towards the Commission on Compensation for Losses, which many participants expressed support for today," he said.