EU confirms it postponed its proposal on frozen Russian assets

The European Commission's proposal to use frozen Russian state assets in the EU in favour of Ukraine will not be published until September.

Source: a statement of the speaker for the European Commission on Thursday, as European Pravda reports, referring to the Reuters agency

Quote: "Discussions between member states have been going well. The last meeting of the council working party on this matter was on 12 July and the next one will take place in September," the EU spokesman told reporters.

Details: He added that intensive work is underway in the context of the G7, and "we aim to have a G7 statement before the summer break". "A legal proposal we aim to have after the summer break," he stressed. 

Initially, the European Commission's proposal was expected to be published by August.

Since Russia's invasion of Ukraine, the EU has frozen more than 200 billion euros of Russian central bank assets, most of which are stored in Belgium.

The EU also froze funds held in private hands.

Background: Last week, Bloomberg reported that the European Commission and the European Central Bank have opposite views regarding the risks of the possible use of profits from frozen assets of the Central Bank of Russia in Europe for the restoration of Ukraine.

At the same time, the agency noted that due to these contradictions, the European Commission shifted the deadline for submitting its proposal to use the assets of the Central Bank of Russia from the summer to at least the beginning of September.

In June, the European Union concluded that it cannot legally confiscate frozen Russian assets in the EU. After that, it focused on a plan to confiscate profits from the use of these assets.

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