European Commission works to transfer profits from Russian assets to Ukraine

The European Union will propose that frozen Russian assets be used to finance Ukraine's needs.

Source: Financial Times; Voice of America

Quote from European Commission spokeswoman Ana Pisonero: "We are working to ensure that mobilised Russian assets can also be used for the benefit of Ukraine."

Details: The Financial Times writes that the EU intends to use the profits from frozen Russian assets in Europe (totalling around US$300 billion) to finance aid to Ukraine.

Such a scheme, as the FT writes, aims to collect up to EUR 15 billion.

Quote from Valdis Dombrovskis, Executive Vice President of the European Commission: "It’s important to look at how we can use Russian immobilised assets and proceeds from those immobilised assets to support Ukraine."

More details: For the plan to work and the money to reach Kyiv, the unanimous support of the EU member states is needed.

At the 14-15 December summit in Brussels, EU member states will decide the further fate of the European integration process for Ukraine, as well as its financial support.

If the decision is positive for Ukraine, the profit from Russian assets will be transferred to the EU’s common budget for further support of Ukraine.

Pisonero notes that for the EU, Ukraine's need for continued financial support is obvious.

That is why the European Commission has developed a new tool for Ukraine – it is proposed that almost EUR 50 billion be allocated to support short-term state needs, as well as further recovery and modernisation of the country.

Pisonero said this instrument will also allow us to be completely responsive to changing circumstances and challenges: "Obviously, we need the legislators to agree on this instrument by the end of the year so that Ukraine can continue to receive support in 2024."

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