Permanent representatives of European Union member states approved the transfer of proceeds from taxable excess profits of frozen Russian assets to Ukraine. This was announced by the Belgian Presidency of the EU Council.
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“The funds will be used to support the restoration and military defense of Ukraine in the context of Russian aggression,” noted the Belgian Chairmanship.
It is worth noting that this is the last step to put this mechanism into effect. The decision of the permanent representatives has yet to be finalized by the Council of the European Union.
Frozen assets of the Russian Federation
After Russia’s full-scale invasion of Ukraine, a number of countries arrested state assets aggressors who were in their countries at the time.
About $300 billion of Russian assets are frozen in the accounts of Ukraine’s partner countries.
The international depository Euroclear received 1.566 billion in the first quarter of 2024 euros in the form of interest income from investing blocked Russian assets under sanctions.
