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Envoys Agree Law To Use Frozen Asset Windfall Profits For Ukraine

EU-RUSSIA
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Wires reporting that according to Reuters sources, EU permanent representatives have agreed on a law to use windfall profits from frozen Russian assets for Ukraine's defence. This comes 48 hours after German Chancellor Olaf Scholz indicated that he would back such a plan, with Scholz stating after a meeting with Baltic states' national leaders that "It is important that we also agree that this money can be used for arms purchases not only in the EU, but for purchases worldwide,"

  • Reuters: "In March, the European Union's foreign policy chief Josep Borrell proposed taking take 90% of revenues from Russian assets frozen in Europe and transfer them to an EU-run fund that finances weapons for Ukraine. Some 70% of all Russian assets immobilised in the West are held in the central securities depository Euroclear in Belgium, which has the equivalent of 190 billion euros ($204.67 billion) worth of Russian central bank securities and cash."
  • The White House has suggesteda plan that "would involve releasing about $50bn of funding for Ukraine via a loan or bond secured against future profits from the frozen assets", while under the now-agreed EU plan, "a majority of present and future profits from Russian assets held by Euroclear will be used primarily to jointly purchase weapons for Ukraine. All the profits generated up to mid-February will be left to Euroclear to act as a buffer against legal costs and risks."
  • Euractiv reports that at present the windfall profits on frozen assets in the EU are worth up to EUR3bn/year.
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Wires reporting that according to Reuters sources, EU permanent representatives have agreed on a law to use windfall profits from frozen Russian assets for Ukraine's defence. This comes 48 hours after German Chancellor Olaf Scholz indicated that he would back such a plan, with Scholz stating after a meeting with Baltic states' national leaders that "It is important that we also agree that this money can be used for arms purchases not only in the EU, but for purchases worldwide,"

  • Reuters: "In March, the European Union's foreign policy chief Josep Borrell proposed taking take 90% of revenues from Russian assets frozen in Europe and transfer them to an EU-run fund that finances weapons for Ukraine. Some 70% of all Russian assets immobilised in the West are held in the central securities depository Euroclear in Belgium, which has the equivalent of 190 billion euros ($204.67 billion) worth of Russian central bank securities and cash."
  • The White House has suggesteda plan that "would involve releasing about $50bn of funding for Ukraine via a loan or bond secured against future profits from the frozen assets", while under the now-agreed EU plan, "a majority of present and future profits from Russian assets held by Euroclear will be used primarily to jointly purchase weapons for Ukraine. All the profits generated up to mid-February will be left to Euroclear to act as a buffer against legal costs and risks."
  • Euractiv reports that at present the windfall profits on frozen assets in the EU are worth up to EUR3bn/year.