The EU to Transfer €5 Bln of Russian Assets to Ukraine

by Meifan Honcharuk
Thursday, November 2, 2023
The EU to Transfer €5 Bln of Russian Assets to Ukraine

Was developed a legal way and prepared a plan to send profits from russian immobilised assets to the restoration of our country 

EU leaders released a final document on directing profits received from immobilised russian assets in favour of Ukraine. The transfer of funds will be legal: a mechanism for its implementation is being developed. It is known that the approximate profit from sanctioned funds is about €5 billion per year. The EU will be able to make a final decision on russian gains next year.

"Politically, we agreed that in the end, Russia should pay for the long-term reconstruction of Ukraine. We are now working on an initial proposal to focus on so-called super profits. These super profits are already quite significant. The idea is that we combine them and send them through the EU budget to Ukraine," Ursula von der Leyen at the summit in Brussels.

It is expected that further will be submitted a legislative act which explains all the subtleties of the withdrawal and redistribution of the funds to Kyiv. The European Commission is expected to clarify the legal obligations of European depositories. Thus, Euroclear will temporarily immobilise the profit received from the frozen securities of the aggressor country. 

As a countermeasure to the Russian aggression against Ukraine, Europe keeps €280 billion of the russian Central bank. €180 billion are in Euroclear.

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