Leaders should consider using frozen Russian assets to bolster Ukraine’s military, EU's von der Leyen says

European leaders should discuss using the profits from frozen Russian assets to boost Ukraine's military in its defence efforts against Moscow, European Commission President Ursula von der Leyen said Wednesday.

"It is time to start a conversation about using the windfall profits of frozen Russian assets to jointly purchase military equipment for Ukraine," she said in a speech before the European Parliament.

"There could be no stronger symbol and no greater use for that money than to make Ukraine and all of Europe a safer place to live," von der Leyen noted. "Ultimately, this is about Europe taking responsibility for its own security."

Around 300 billion euros ($324 billion) worth of Russian central bank assets have been frozen to date by the European Union and G7 nations in the wake of the Ukraine war. Crucially, frozen assets are, by definition, temporarily retained rather than fully seized with the ability for reallocation. Questions remain over the legality of such a confiscation and re-distribution and their due processes.

Von der Leyen's comments come after U.S. Treasury Secretary Janet Yellen on Tuesday said it is important to find a way to unlock the value of frozen assets to bolster Ukraine, stressing there is a "strong international law, economic and moral case" to do so and that it was crucial for allies to work together on the matter.

Back in 1992, the U.N. Security Council authorized a similar step to seize frozen Iraqi assets and reroute them toward compensating the victims of Baghdad's invasion of Kuwait.

Now in its third year, Russia's full-fledged invasion has razed several settlements in Ukraine, including carrying out aerial attacks against Kyiv. The World Bank in March last year estimated that $411 billion