Sunday, July 14, 2024

EU envoys agree on plan to use frozen Russian assets

The EU permanent representatives have agreed on the preliminary proposal of the European Commission on the use of income from frozen Russian assets, the Belgian Presidency of the Council of the European Union stated.

Earlier this month, Belgian Deputy Prime Minister and Finance Minister Vincent Van Peteghem said that the European Union has began technical work on the implementation of the proposal put forward by the European Commission at the end of last year to use the proceeds from Russia’s frozen sovereign assets in the interests of Ukraine.

“EU Ambassadors just agreed in principle on a proposal on the use of windfall profits related to immobilised assets to support Ukraine’s reconstruction,” the Belgian Presidency wrote on X (formerly Twitter).

Following the start of Russia’s special military operation, the US-led West slapped widespread sanctions on Moscow, including freezing Russian assets worth approximately 300 billion euros ($329 billion). The bulk of this sum, approximately 200 billion euros ($221 billion), is being held in the European Union, predominantly in accounts at Euroclear, a European central securities depository.

Russia has repeatedly warned that any attempt by the EU to confiscate Moscow’s frozen assets would violate international law.

In December, 2023, Kremlin spokesman Dmitry Peskov warned that the Western countries would face repercussions if they used Russia’s frozen assets to assist Ukraine.

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