EU moves to give profits from Russian assets to Ukraine
Following Russia’s invasion of Ukraine in 2022, EU countries froze billions of euros in Russian assets. Now, ambassadors from EU member states have tentatively agreed to put these assets to good use: financing arms supplies to Kyiv.
If the decision is given the green light by EU finance ministers next Tuesday, the interest generated – up to €3 billion (£2.5 billion) annually – will be directed towards purchasing weapons for Ukraine.
Ursula von der Leyen, the European Commission chief, emphasised the importance of this move, stating, “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.”
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European Trade Commissioner Valdis Dombrovskis echoed this sentiment, stressing the urgency of getting the funds to Ukraine swiftly. The aim is for the initial €1 billion tranche, earmarked “mainly for military support,” to reach Ukraine by summer.
“Russia will pay directly for its crimes,” said Dombrovskis.
Earlier in the week, German Chancellor Olaf Scholz proposed that around 90% of the revenues from frozen Russian assets should be allocated to arms purchases for Ukraine.
The estimated value of frozen Russian assets in the EU stands at nearly €211 billion (£181 billion), with the bulk of the profits currently held by Euroclear, a Belgium-based clearing house.
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