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.
The Financial Times'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.
Ukraine's Foreign Minister Dmytro Kuleba discussed the outcome of the meeting with EU Diplomacy Chief Josep Borrell and received confirmation that the European Commission will present a draft decision on Tuesday, 12 December, on utilising the proceeds of frozen Russian assets for Ukraine's needs.
In November, Ukraine's Foreign Minister Dmytro Kuleba noted that the EU was approaching a decision on a common legal mechanism for using frozen Russian assets for Ukraine's benefit.