New impetus: EU may give Ukraine €15 billion from frozen Russian assets – FT

The EU intends to involve €15 billion from Russia's frozen assets to financially assist Ukraine. Source: European Pravda, citing Financial Times Details: The FT's sources say Brussels will propose on 12 December to limit the profits earned from Russia's frozen assets in the EU, ultimately seeking to secure up to €15 billion for Ukraine.

Dec 12, 2023 - 06:21
New impetus: EU may give Ukraine €15 billion from frozen Russian assets – FT

The EU intends to involve €15 billion from Russia's frozen assets to financially assist Ukraine.

Source: European Pravda, citing Financial Times

Details: The FT's sources say Brussels will propose on 12 December to limit the profits earned from Russia's frozen assets in the EU, ultimately seeking to secure up to €15 billion for Ukraine.

The report noted that the US and EU's failed attempts to agree on further financial support for Ukraine have given a new impetus to proposals to utilise Russia's frozen funds.

The sources believe the European Commission will initially require securities depositories that hold Russian central bank assets to divert profits generated from them to separate accounts.

Securities depositories generate profits by reinvesting the proceeds from the redemption of securities, such as government bonds, as no payments to Moscow are allowed due to sanctions.

The second phase of the plan would see the profits transferred to the EU's common budget to help support Ukraine, the sources said. However, EU member states must unanimously support the plan and take further steps to implement it before Kyiv receives the money.

Background: 

Read more: Euroclear will help us: will investment income from Russian assets in EU become compensation to Ukraine

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