EU capitals agreed to use the proceeds from the investment of €192 billion of immobilised Russian assets held by Brussels-based securities depository Euroclear.
According to Euroclear figures, Russian assets generated €1.55 billion between February 15 and June 30. The financial institution kept about 10% of these assets to protect itself against legal and financial risks.
“There is no better symbol or use for Kremlin money than making Ukraine and all of Europe a safer place to live,” European Commission President Ursula von der Leyen wrote on X.
European leaders have stressed that the income from these assets does not legally belong to the Kremlin. Negotiations in Brussels have dragged on for months due to concerns that the exploitation of these funds could lead to legal and financial risks.
The G7 countries are keen to build on the EU-wide deal to bolster their support for Ukraine. Leaders of the Western alliance have agreed to provide Kiev with a $50 billion loan, to be repaid from asset profits, but details remain to be worked out.
Politices
