Europe agrees to use profits from frozen Russian assets to support Ukraine
European Union member states have reached a political agreement to use excess profits from frozen Russian assets to support Ukraine, the Belgian presidency announced on Wednesday.
"EU ambassadors agreed in principle on measures concerning extraordinary revenues from Russia's blocked assets. The money will be used to support Ukraine's recovery and military defence in the context of Russian aggression," the presidency announced on X.
Since the start of Russia's invasion of Ukraine, the European Union and the G7 countries have frozen some 300 billion euros in assets of the Russian central bank, according to the EU.
Almost all of the Russian assets are held by the Brussels-based financial services company Euroclear. According to the European Commission, excess profits on these assets could generate up to 3 billion euros this year.
Euroclear invests the interest it receives on frozen Russian assets, resulting in higher profits. Ninety per cent of these profits are earmarked for military aid to Ukraine, with the rest going to financial support for Kyiv.
The headquarters of the Russian Central Bank in Moscow © Kirill KUDRYAVTSEV / AFP
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