EU Council approves resolution to use profits from frozen Russian assets for Ukraine
"To support Ukraine and its recovery and reconstruction at a later stage," the document says
The EU Council has approved a regulation that will provide a legal basis for using the profits from Russia's frozen assets for Ukraine.
This is stated in a statement by the EU Council.
According to the document, the Council "in particular, decided that central securities depositories holding securities assets worth more than EUR 1 million should separately account for extraordinary balances accumulated as a result of EU restrictive measures and should also keep the relevant income separately".
In addition, depositories are prohibited from disposing of the net profit received, the resolution says.
The document notes that "this decision enables the Council to decide on the possible establishment of a financial contribution to the EU budget collected from this net profit to support Ukraine and its recovery and reconstruction at a later stage".
Background. Earlier it became known that the EU and the G7 are considering the possibility of using the frozen assets of the Russian Federation as collateral for Ukraine's recovery. Ukraine's allies believe that any settlement of the conflict will make Russia responsible for the damage caused.
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