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First withdrawal of revenues from Russian assets in EU banks will happen in July — EC

As previously stated by the EU Council, any financial structures with more than 1 mln euro of Russian frozen funds in their accounts must return 90% of the profits from the reinvestment of Russian assets

BRUSSELS, May 21. /TASS/. The first withdrawal of revenues from the reinvestment of frozen Russian assets from EU banks will start from July 2024, the European Commission said in a statement.

"Resources will be available to support Ukraine starting from July 2024, with bi-annual payments," the statement said.

As previously stated by the EU Council, any financial structures with more than 1 mln euro of Russian frozen funds in their accounts must return 90% of the profits from the reinvestment of Russian assets.

"Speed remains of the essence and the Commission will continue making all efforts to allow the first payment to be made already in July," Executive Vice-President for an Economy that Works for People Valdis Dombrovskis said.

The European Commission noted that the decision of the EU Council, like other European legal acts, will formally enter into force after publication in the Official Journal on Wednesday morning.