The European Commission is preparing a proposal to EU member states on how to further dispose of the Russian Central Bank’s assets worth more than $280 billion, which are frozen in the G7 countries.
Radio Liberty has reviewed the draft document, which outlines further possible steps. In order to further clarify and predict the funds that Ukraine may receive, several options are proposed to be considered.
- Indefinite asset freeze: The Russian Central Bank’s assets are frozen indefinitely, but the EU can review the decisions at “regular intervals” (e.g. 12 months) based on “clear pre-determined criteria.” These include the end of the war, compensation for damages by Russia, etc.
- Freezing for specified periods: assets are frozen “for successive periods” (18, 24 or 36 months) with each period extended by a new EU Council Act, providing more predictability for Ukraine’s long-term borrowing.
The European Commission will present the draft legislative proposal at the end of August. Ambassadors of the member states will discuss it at the beginning of September. The question remains whether Hungary, which did not block the extension of anti-Russian sanctions but opposed changing the six-month approach, will support the plan.
Source: Racurs
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