Russian assets frozen in the EU could bring in between 15 and 20 billion euros in after-tax profits until 2027.
EU foreign policy chief Josep Borrell wants to propose that the EU use 90% of proceeds from Russian assets frozen in Europe to buy weapons for Ukraine through the European Peace Fund . The diplomat said this on Tuesday, March 19, Reuters news agency reports.
According to him, he will also propose to transfer the remaining 10% of the EU budget so that it can be used to strengthen the potential of the Ukrainian defense industry.
Borrell said last week that Russian assets frozen in the European Union could generate between 15 and 20 billion euros in after-tax profits until 2027, depending on global interest rates.
Almost 70% of all Russian assets frozen in the West are stored in the Belgian central securities depository Euroclear, equivalent to 190 billion euros.
Borrell emphasized that the proposal is to use the profits from the assets stored in Europe, rather than the assets themselves. He added that it could bring in around three billion euros annually.
“A specific proposal will be presented tomorrow. The member states must agree to it,” he concluded.
As already written, in January the European Union began technical work on the implementation of proposals for the use of frozen assets of Russia in the interests of Ukraine.
It was also reported that the EU authorized the use of income from the frozen assets of the Russian Federation
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Source: korrespondent
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.