Brussels paves the way for the use of frozen Russian assets in Ukraine

Brussels paves the way for the use of frozen Russian assets in Ukraine

Ukraine will need billions of euros for its reconstruction as a result of the war launched by Vladimir Putin against the country. Some World Bank estimates last August estimated the required size at more than 383 thousand million euros. It is a huge number that the European Union wants to address by using part of the profits generated from the frozen assets of the Russian Central Bank in the European Union. This is what the European Commission proposes in an initiative adopted yesterday as part of the restrictive measures against the Kremlin on which the 27 countries will have to decide.

One of the first decisions taken by the 27 countries, after the war launched by Russia against Ukraine, was to freeze the assets of the Russian Central Bank on European territory, making any transaction with these assets impossible. Although there are no exact figures about the money it could represent, it is estimated that there is around 200 billion euros frozen in Europe, especially in one of the world’s largest securities depository and settlement systems such as Euroclear, which is based in Europe. Belgium.

In fact, the Belgian government is working to create a special fund for Ukraine, which will be fed by profits generated from frozen Russian assets, as the country already imposes a tax on interest generated from frozen assets.

According to the Financial Times, Brussels estimates that the European proposal could allow the EU to obtain “up to 15 billion euros”, which would be used to revive and rebuild the country devastated by Russia, although the European Commission is taking no chances and insist that the income will depend. On many factors. .

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