The EU Council has opened the way for the use of profits from frozen assets of the Russian Federation in favor of Ukraine - the Ministry of Justice
Kyiv • UNN
The EU Council adopts a decision allowing the proceeds from the frozen assets of the Russian central bank to be used to compensate Ukraine for its losses from the war.
The day before, the EU Council adopted a decision that paves the way for the use of profits from frozen assets of the Russian Federation to compensate Ukraine for losses. This was reported by the press service of the Ministry of Justice of Ukraine, UNN reports.
Details
The agency explains that the decision and resolution clarify the obligations of central securities depositories that hold frozen assets and reserves of the Central Bank of Russia.
Preliminary 260 billion euros of the Central Bank of Russia's assets have been frozen in the jurisdictions of G7 partners, the EU and Australia, with more than two-thirds of them in the EU.
The decision adopted by the EU Council clarifies, among other things, the legal status of income received by central securities depositories from the use of Russian assets. This paves the way for the use of profits from frozen Russian assets in favor of Ukraine
The Ministry emphasizes that this decision allows the Council to establish a financial contribution to the EU budget, collected through profits from the use of rosatom assets. The funds are to be used to support Ukraine and its recovery and reconstruction.
The Ministry of Justice adds that this decision was made possible thanks to Ukraine's joint work with international partners.
In particular, during the last working visit to Brussels, the team of the Ministry of Justice of Ukraine worked on resolving issues related to the allocation of income from the Central Bank's immobilized reserves for the recovery of Ukraine together with international partners
The Ministry summarized that one of the priorities for the Ministry of Justice remains the creation of a proper legal framework to ensure compensation for the damage caused to Ukraine by the Russian invaders at the expense of Russian assets in Ukraine and abroad.
Recall
On February 12, the Council of the European Union adopted a decision that brings closer the creation of a mechanism for using the excess profits of frozen Russian assets in the EU for the benefit of Ukraine.
