The European Union on Tuesday took the first step to transfer part of its frozen Russian assets to Ukraine.
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The European Commission said it had agreed on a proposal that would allow interest and other income from Russian central bank assets held by European financial institutions to be transferred to Ukraine.
Under the plan, up to 3 billion euros ($3.25 billion) a year could flow into Ukraine, or up to 15 billion euros from 2023 to 2027, the New York Times reported, citing an official involved in the process.
In a commentary for Voice of America, the work to ensure that “immobilized Russian assets can be used in favor of Ukraine” was confirmed by European Commission Speaker Ana Pizonero.
She said that this issue is being considered in the context of creating a special fund for Ukraine – we are talking about almost 50 billion euros to support short-term government needs, as well as the further restoration and modernization of the country. The fund is the topic of discussion at the EU Council summit on Thursday and Friday.
Recently, a number of the world’s leading lawyers prepared a memorandum concluding that the seizure and transfer of frozen Russian assets to Ukraine is consistent with international law.
Source: Racurs
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.