Facebook Pinterest Tumblr
  • News
  • World
  • Politics
  • Sports
  • Entertainment
  • Technology
  • Healthcare
  • More
    • Lifestyle
    • Opinion
    • Automobiles
    • Markets
    • Economy
Search
Buna Times
Buna Times
  • News
  • World
  • Politics
  • Sports
  • Entertainment
  • Technology
  • Healthcare
  • More
    • Lifestyle
    • Opinion
    • Automobiles
    • Markets
    • Economy
HomeWorldThe EU has taken...
February 12, 2024

The EU has taken the first step towards using profits from frozen assets.

By David
Facebook
Twitter
Pinterest
WhatsApp


    The Council of the European Union has approved a resolution that opens the way to a decision on the use of profits from Russia’s frozen assets for Ukraine.

    .in_text_content_22 { width: 300px; height: 600px; } @media(min-width: 600px) { .in_text_content_22 { width: 580px; height: 400px; } }

    .

    This was reported today, February 12, on the website of the EU Council.

    Relevant assets held in financial institutions of EU member states were frozen after the start of the full-scale Russian invasion of Ukraine as a result of the EU decision to prohibit any operations related to the management of reserves and assets of the Russian Central Bank.

    In total, about 260 billion euros of assets of the Central Bank of Russia were immobilized in the form of securities and cash in the jurisdictions of the G7 countries, the EU and Australia. Moreover, more than two thirds of them are immobilized in the EU.

    Today, the EU Council adopted a decision and regulation clarifying the obligations of central securities depositories holding assets and reserves of the Central Bank of Russia immobilized as a result of EU restrictive measures, the statement said.

    It is noted that this solution:

    • clarifies the prohibition on these transactions, as well as the legal status of income received by central depositories in connection with the ownership of Russian immobilized assets, and establishes clear rules for the entities owning them;
    • paves the way for a Council decision on the possible creation of a financial contribution to the EU budget from these net revenues to support Ukraine and its recovery and reconstruction at a later stage. This financial contribution could be channeled through the EU budget to the Fund for Ukraine, which the Council and the European Parliament reached a provisional agreement on 6 February 2024.

    The Council, in particular, decided that central depositories holding assets of the Central Bank of the Russian Federation worth more than 1 million euros should separately take into account emergency cash balances that accumulate as a result of EU restrictive measures, and also separately retain the corresponding income, the Council of the EU notes. — In addition, central depositories are prohibited from disposing of the net profit received.

    The Minister of Legal Affairs of Ukraine Dmitry Kuleba has already responded to the decision of the EU Council.

    “I welcome the decision of the EU Council, which opens the way to the use of emergency proceeds from frozen Russian assets,” he said. — We encourage further steps for their practical use in favor of Ukraine. These steps must be ambitious and rapid.

    Ukraine is ready to continue working with partners to achieve the ultimate goal: making Russian assets available to Ukraine. The aggressor must pay,” he added.

    Source: Racurs

    David
    David

    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.

    Related

    - A word from our sponsors -

    Most Popular

    The armed forces of the armed forces of the armed forces more than 60 attacks in the direction of Pokrovsky

    RF terrorist at night was beaten by Shahmed on Priluki and Kharkov, many deaths (photo, video)

    RESULTS 04.06: Putin’s Statement and Comment Trump

    Sweden rented 600 seats in Estonian prisons

    • Tags
    • European Union

    LEAVE A REPLY Cancel reply

    Please enter your comment!
    Please enter your name here
    You have entered an incorrect email address!
    Please enter your email address here

    Previous article
    Biden commented on Trump’s statement about Russia and NATO
    Next article
    Media: Zelensky to visit Western Europe to discuss aid to Ukraine

    More from Author

    World

    The armed forces of the armed forces of the armed forces more than 60 attacks in the direction of Pokrovsky

    David -
    World

    RF terrorist at night was beaten by Shahmed on Priluki and Kharkov, many deaths (photo, video)

    Five people were killed from the Russian...
    David -
    World

    RESULTS 04.06: Putin’s Statement and Comment Trump

    David -
    World

    Sweden rented 600 seats in Estonian prisons

    David -

    - A word from our sponsors -

    Read Now

    The armed forces of the armed forces of the armed forces more than 60 attacks in the direction of Pokrovsky

    RF terrorist at night was beaten by Shahmed on Priluki and Kharkov, many deaths (photo, video)

    Five people were killed from the Russian attack with drones in Priluki in the inkworm. .in_text_content_22 {width: 300px; Height: 600px; } @Media (min-width: 600px) {.in_text_content_22 {width: 580px; Height: 400px; }} .Adsbygoogle {Touch-Action: Manipulation; } Among the dead is two women and...

    RESULTS 04.06: Putin’s Statement and Comment Trump

    Sweden rented 600 seats in Estonian prisons

    Debut “Major”: The Ukrainian team went to the second stage

    Kremlin’s “Kuwhka” reserves were reduced to a minimum of 2019 – the media

    The Deputy Prosecutor General’s family is significantly enriched during the war – the media

    Government has allocated 2.4 billion UAH for payments under national

    Media: Trump banned the entrance to the United States to residents of 12 countries

    China has given Russia a laser installation for falling drones – the media

    Israel has increased weapon export: the main consumer is Europe

    Switzerland investigated the “leak” of information on the special services of the Russian Federation

    Buna Time
    • DMCA
    • Privacy Policy
    • Terms of Use
    • Contact Us
    • Advertising and Outreach

    All Rights Reserved © 2023 - Buna Times