The European Union on Wednesday will set up a task force to study how billions of dollars of frozen Russian funds, including central bank reserves, could be used for reconstruction work in Ukraine, Reuters reported, citing the Swedish government.

"The mandate is to contribute to mapping which funds have been frozen in the European Union ... and secondly how to legally proceed to access those funds," Swedish Prime Minister Ulf Kristersson said at a news conference in Stockholm.

According to him, there is no preliminary model of how to handle Russian assets, and the EU should make sure that appropriate legal procedures are established.

It is the Russian taxpayers, not all other taxpayers, who should bear the costs of the necessary recovery work, Kristersson added.

Sweden currently holds the EU presidency.

The task force will be headed by Anders Ahnlid, head of the Swedish National Board of Trade.

According to Ahnlid, among the key assets will be funds from the Russian Central Bank, which are expected to total tens of billions of dollars.

"The EU has never before used frozen funds for the reconstruction of a war-torn country, so we are in a sense chartering new territory," Ahnlid added.