On Tuesday (21), the European Union approved the use of profits generated by Russian assets frozen due to sanctions for financing aid to Ukraine. This aid will focus on defense, with 90% of the profits going to the European Peace Support Mechanism, which co-finances military aid to Ukraine. The remaining 10% will support the recovery efforts in Ukraine through various community budget programs.
The EU has over 200 billion euros of Russian assets frozen, with a large portion in Euroclear, a central securities depository. The reinvestment of interest on these assets generates profits of 2.5 billion to 3 billion euros annually. Belgium, as Euroclear’s home country, charges corporate income tax on these profits, with rules putting the majority towards aid for Ukraine.
The EU Council approved a plan that will apply these rules to the remaining profits. Central securities depositories like Euroclear can temporarily retain 10% of these profits for capital requirements. EU High Representative Josep Borrell welcomed the decision and urged for its rapid implementation, emphasizing the importance of using the frozen assets for military assistance in Ukraine.
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