The European Commission approved the plan to use the frozen assets of the Russian Federation for the benefit of Ukraine
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On Tuesday, December 12, the European Commission approved the prepared proposal on the mechanism for using revenues from frozen sovereign assets of Russia for the benefit of Ukraine.
A high-ranking EU official told journalists about this at a closed briefing, writes “Evropeyska Pravda” with reference to “Interfax-Ukraine”.
The interlocutor of the journalists noted that the European Commission will not publish the proposals, but will submit them to the European Council for study and decision-making.
He explained that the EU proposal stems from the situation in which, after the immobilization of the assets of the Central Bank of Russia in European countries, central depositories (financial institutions used for transactions between buyers and sellers) were forced to deposit part of these assets, which brought profit, in banks.
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“It subsequently generated a large amount of revenue, which continues to grow. These exceptional revenues are only due to the immobilization decision. Eventually, central depositories recorded these revenues as profits in their accounts, and member states began to raise corporate tax on these profits,” – he continued.
As a result, the European Commission decided that these revenues should be used to help rebuild Ukraine. But this is a long-term goal, the interlocutor of the journalists added, and now the European Commission has focused on separating the revenues from the Rosactivs and “securing” them.
“The short-term goal is to make sure that this is possible by doing two things: getting central depositories to manage and record separately all of these revenues so that they can be clearly identified in their accounting systems, and secondly, that net income from today will be prohibited to be distributed among shareholders or other third parties – it must remain in the central depository,” explained the high-ranking EU official.
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Although he refrained from giving specific estimates of the income from these assets, according to the Financial Times, the European Union intends to attract 15 billion euros from the frozen assets of Russia to provide financial assistance to Ukraine.
Read also: How to collect compensation for losses from the Russian Federation: challenges for Ukraine and the West.
European truth
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