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EU agree on use of income from Russia’s frozen assets to support Ukraine

As the publication says, the European Commission intends to present a legal mechanism for the initiative in early December

BRUSSELS, October 27. /TASS/. The EU leaders at a summit in Brussels approved a plan to use proceeds from the reinvestment of Russia's frozen assets to support Ukraine, the Financial Times reported.

As the publication says, the European Commission intends to present a legal mechanism for the initiative in early December.

According to sources, Brussels is in contact with London and Washington to align approaches on this issue.

Leaders of EU member states also called on the European Commission to speed up its work to submit proposals on this initiative.

Since last year, the European Commission repeatedly stated that existing European legislation does not allow the confiscation of foreign assets frozen as a result of unilateral EU restrictions and their transfer to another person or state. Since last summer, the European Commission began to work intensively to change European regulations to make the seizure of such funds legal. According to the EC, about 200 billion euros of assets of the Bank of Russia and about 24 billion euros of private funds have been seized in the EU.

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Ukraine crisis EU

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