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EU approves legal basis for use of revenues from Russian frozen assets

"In addition, CSDs shall be prohibited from disposing of the ensuing net profits," the document reads

BRUSSELS, February 12. /TASS/. The EU Council has approved a decision and a resolution providing for a legal basis to use revenues from frozen Russian assets to support Ukraine in the future, the Council said in its statement.

"The Council today adopted a decision and a regulation clarifying the obligations of Central Securities Depositaries (CSD) holding assets and reserves of the Central Bank of Russia (CBR) that are immobilized as consequence of EU’s restrictive measures," the Council said. "The Council decided in particular that CSDs holding more than €1 million of CBR’s assets must account extraordinary cash balances accumulating due to EU restrictive measures separately and must also keep corresponding revenues separate. In addition, CSDs shall be prohibited from disposing of the ensuing net profits," the document reads.

"This decision paves the way for the Council to decide on a possible establishment of a financial contribution to the EU budget raised on these net profits to support Ukraine and its recovery and reconstruction at a later stage," the EU Council added.

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