The EU has transferred 10.1 billion euros in revenue from frozen Russian assets to Ukraine, Welt am Sonntag reports, citing data from the European Commission, writes UNN.
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"In the first half of this year, the EU transferred 10.1 billion euros in revenue from frozen funds of the Russian central bank to Ukraine. This is evidenced by data from the European Commission, which was reviewed by Welt am Sonntag. Brussels uses this money to support military and civilian projects in the country," the report says.
According to these data, Ukraine received 1 billion euros in interest income in March, May, June, and July; 3 billion euros in January; and 3.1 billion euros in April. The Russian assets themselves are held by the Belgian company Euroclear, which stores securities and settles transactions with shares. In 2022, the EU confiscated a total of 210 billion euros from Russia, the publication writes.
Some politicians want to provide Ukraine with all the funds, not just the interest on them. "It's time to use Russian funds directly," said MEP Marie-Agnes Strack-Zimmermann (FDP). "Whether for economic support for Ukraine or for financing weapons systems."
However, economists warn of devastating consequences for the financial system. "This whole issue is quite emotional," said Nicolas Véron, a French economist working at the Brussels-based think tank Bruegel and the Washington-based Peterson Institute for International Economics.
He added: "Many people, understandably, believe that it is morally right to give frozen money to Ukraine." But, Véron explains, it's not that simple: "Central banks must be sure that their reserves abroad are safe." This, it is noted, is a central element of the global monetary order.