European Union ambassadors agreed to a proposal to use excess profits from Russian frozen assets to support Ukraine. They plan to provide the money for the restoration of Ukraine.
This was reported by the permanent representation of Belgium to the EU.
This decision was made before the next meeting of the EU Council on Foreign Affairs, which will be held on February 19. Before that, the countries of the European Union reached a political agreement to use the profits from frozen Russian assets to help Ukraine, so that in this way Russia would pay for the long-term reconstruction of the country.
Earlier, the Financial Times, citing sources, wrote that revenues from Russian assets frozen in the European Union will amount to €3 billion per year or €15 billion in the period from 2023 to 2027. The amount will depend on the interest rates during this period.
Since the beginning of Russiaʼs full-scale invasion of Ukraine, Western countries have frozen over $300 billion in Russian assets. The Ukrainian authorities insist that this money be transferred to Kyiv as compensation for damages. International partners generally support the plan, but the US and EU have said they are looking for legal ways to implement it.
- Since the beginning of the war in Ukraine, the EU has frozen the assets of the Russian Central Bank for more than €200 billion. A significant part of these funds is kept in the Euroclear depository and in the first quarter of 2023 has already brought almost €750 million in profit. In addition, the EU has frozen €24.1 billion in assets belonging to Russians and Russian companies under sanctions. Recently , the USA froze another $8 billion of Russian assets. Currently, the United States and the European Union are looking for legal opportunities to use all $300 billion of frozen Russian assets for the benefit of Ukraine.
- Belgium holds the presidency of the Council of the European Union from January 1 to June 30, 2024.