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21 Mai. 2024

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Will russian assets be returned to Ukraine? The EU has made an important decision on this issue

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Will russian assets be returned to Ukraine? The EU has made an important decision on this issue

European countries have frozen about 300bn euros of Russian assets, and now the EU Council has decided to hand over some of the money to Ukraine. Find out how much money Ukraine can expect and why Kiev wants much more

Legal advice for Ukrainians
Legal advice for Ukrainians
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On 21 May, the Council of the European Union approved the transfer of proceeds from the taxable excess profits of frozen russian assets to Ukraine. The vast majority of the funds will be used to support Ukraine's military.


The Czech Permanent Representation to the EU reported that the Council had made this decision. 


"The EU Council has confirmed its agreement to use the proceeds from the frozen assets of the Central Bank of the russian federation for the benefit of Ukraine. It is expected that annual revenues will amount to approximately EUR 2.5-3 billion. 90% of the expected revenues will be used for military purposes to support Ukraine's defence," the statement said.


The remaining 10% will be used for the restoration and reconstruction of Ukraine, which has suffered huge losses as a result of russian aggression.




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Ukraine would like more money


As you know, due to the full-scale war against Ukraine, russian assets have been frozen in various countries around the world:


• Euroclear - €191 billion;

• Britain - €50 billion;

• France - €19 billion;

• USA - €7 billion;

• Switzerland - €5 billion;

• Germany - €5 billion;

• Australia - €5 billion;

• Italy - €2 billion;

• Poland - €1 billion.


The majority of russia's sovereign assets in the EU are blocked in the form of bonds, bonds and other financial instruments in which the aggressor country had previously invested. Almost all of them are kept on the accounts of large depository institutions, with Euroclear (Belgium) being one of the leaders in this regard.


According to Ukraine's Foreign Minister Dmytro Kuleba, the amount of income from the frozen assets of the russian federation in the amount of €3 billion per year is not comparable to the price of the immobilised assets themselves, which is about €260 billion, and therefore full confiscation is required. 


"But, in general, we know that the value of frozen assets is about €260 billion. That is, with all our gratitude for this decision today, the amounts are incommensurate," he said.


It should be noted that, according to World Bank estimates, the amount of income from the frozen assets of the Russian Federation in the amount of EUR 3 billion per year is not comparable to the price of the immobilised assets themselves, which is about EUR 260 billion, and therefore, full confiscation is required. 


We remind you! After a long break, the United States allocates the first major military aid package to Ukraine. US President Joe Biden has already signed the funding document. Read more about what Ukraine can expect here.


Want to know more? Read the latest news and useful materials about Ukraine and the world in the News section.




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