LONDON, January 30. /TASS/. EU member countries have backed a plan to set aside billions of euros of profits arising from the freezing of assets of Russia’s central bank in a first step towards their possible use for Ukraine’s reconstruction, the Financial Times wrote.

Of the €260 bln of Russian foreign reserves immobilized in 2022, €191 bln is sitting in Belgium’s Euroclear, a central security depository, and is generating billions as securities reach maturity and are reinvested. Under the agreement struck on Monday, profits generated by Euroclear will be booked separately and not be paid out as dividends to shareholders until EU countries unanimously decide to set up a "financial contribution to the [EU] budget that shall be raised on these net profits to support Ukraine", according a draft text seen by the Financial Times.

That levy will be "consistent with applicable contractual obligations, and in accordance with [EU] and international law", the text added. There is no timeline for when such a separate proposal should be made.

The proposal only targets future profits and will not apply retrospectively. Member nations will also determine what amount central security depositories will be able to keep, on top of amounts needed to cover legal and management costs.

Earlier reports said that the European Commission planned to receive around 15 bln euro by 2027 as revenues from reinvestment of frozen Russian funds. Meanwhile Euroclear’s profit from them amounted to 3 bln euro for 9 months of 2023.