EU officially confirms approval of the use of profits from frozen Russian assets for Ukraine: what is expected
Kyiv • UNN
The Council of the European Union has approved the use of net excess profits from immobilized Russian assets to support Ukraine's self - defense and reconstruction, with 90% going to the European Peace Fund for military assistance and 10% going to EU defense industry development and recovery programs in Ukraine.
The EU Council today gave the green light to the use of net excess profits from extraordinary revenues generated from immobilized Russian assets to support Ukraine's self-defense and reconstruction. The decision and its details were officially announced in the euro Institute on Tuesday, writes UNN.
Details
"In light of Russia's ongoing war of aggression against Ukraine, the Council of the European Union today adopted a number of legal acts that guarantee that the net profits generated from unexpected and extraordinary revenues received by the central securities depositories (CSDS) in the EU, as a result of the implementation of EU restrictive measures, will be used for further military support of Ukraine, as well as its military-industrial potential and recovery," the European institution said.
This, as stated, means that "central depositories that own Russian sovereign assets and reserves in the amount of more than 1 million euros will make a financial contribution from their corresponding net profit accumulated from February 15, 2024.
As indicated, "the amounts will be paid by the EU central depositories every two years and will be used for further military support to Ukraine through the European Peace Fund, as well as to support the potential of the Ukrainian defense industry and the needs for restoration within the framework of EU programs," thus:
- European Peace Fund-90%
- EU programs funded from the EU-10 budget%
"This distribution will be reviewed annually, and for the first time until January 1, 2025," the European Institute said.
Central securities depositories, as noted, " will be allowed to temporarily retain a share of about 10% of the financial contribution to comply with the authorized capital and risk management requirements, taking into account the impact of the war in Ukraine on assets owned by central securities depositories.
Earlier
The Czech Foreign Ministry reportedthat the EU has approved the use of profits from frozen Russian assets in favor of Ukraine
