The EU has found a way to legally use the proceeds from the frozen assets of the Russian Federation – Bloomberg

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The assets of the Russian central bank, frozen in the EU, will bring about 3 billion euros in profit.

European Union officials will begin meeting with member countries this week to discuss a plan on how to use the proceeds from more than €200 billion of frozen Russian central bank assets to channel them into rebuilding Ukraine.

According to a draft document on the process seen by Bloomberg , the European Commission will come up with a way to legally transfer asset revenues to the bloc’s budget.

The commission will meet with officials from Spain, Belgium, Italy, France and Germany on Thursday and then with all member states next week, according to a source familiar with the plans. Commission president Ursula von der Leyen had previously said she would put forward a legislative proposal before the summer break, but that deadline has since been pushed back.

According to the document, the working group of the commission supports the implementation of the three main proposals of the document in stages, and not all at once.

These steps include clarifying the scope of obligations for financial liabilities, introducing requirements for central securities depositories to share cash balances of Russian assets and transfer income to the EU budget as external designated income, the document says.

The Russian central bank’s assets frozen in the EU are expected to generate about 3 billion euros in windfall gains. More than half of the assets are in cash and deposits, and a “significant amount” of the remainder is in securities, which will turn into cash as they mature in the next two to three years.

(C)UNIAN 2023

2 comments

“European Union officials will begin meeting with member countries this week to discuss a plan on how to use the proceeds from more than €200 billion of frozen Russian central bank assets to channel them into rebuilding Ukraine.”

That is hopelessly behind the times.
There can be no more talk about “rebuilding” until the poisonous little monster is crushed.
ALL the €250 Bn must be immediately channeled into the Ukrainian armed forces, so that they can purchase whatever they need to get the job done.
For those wankers who drone on about “corruption”; an international firm of auditors can be appointed to oversee all transactions.

How impressive. The Eurocrats have found a legal way to use monies that criminals from a crime syndicate got illegally. You simply can’t make this crap up. Aliens would declare this planet an insane asylum.