According to the Belgian Presidency of the Council, EU ambassadors agreed in principle on Wednesday to channel proceeds from frozen Russian assets to the defense of Ukraine. Kiev is expected to receive the first funds in July.
The assets were frozen due to the Russian war of aggression against Ukraine. According to the proposal, 90 percent of the money should flow to weapons and ammunition for Ukraine and 10 percent to the defense industry and the reconstruction of the country. The European Commission presented its proposal at the EU summit in March.
Billions of rain for Ukraine?
According to the European Commission, approximately 210 billion euros from the Russian central bank have been frozen in the EU. The ambassadorial deal is expected to be approved by the Council of Ministers of Economic Affairs and Finance next week. The European Commission plans to send the first funds to Ukraine as early as July. By investing the assets, Brussels expects income of 2.5 to 3 billion euros per year. These surpluses are intended to benefit Kiev, while leaving basic assets untouched.
In Austria, frozen Russian assets have decreased significantly. While it was still 2 billion euros at the end of 2022, according to the Directorate of State Security and Intelligence (DSN), it is currently only 1.5 billion euros. The reason lies in exchange rate fluctuations and exemptions, according to the DSN. The National Bank (OeNB) confirmed this in response to APA’s request. Due to the exceptions, the National Bank has also released frozen assets.
Source: Krone
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