BRUSSELS: The European Council has failed to make any practical decisions regarding the expropriation of frozen Russian sovereign assets, t...
BRUSSELS: The European Council has failed to make any practical decisions regarding the expropriation of frozen Russian sovereign assets, the EU summit’s final statement says.
"The European Council reviewed progress on the next concrete steps towards directing extraordinary revenues stemming from Russia’s immobilized assets for the benefit of Ukraine, including the possibility of funding military support. It invites the Council to take work forward on the recent proposals by the High Representative [Josep Borrell] and the Commission," the document says.
According to the European Commission, some 200 billion euros worth of Central Bank of Russia assets and private funds to the tune of around 24 billion euros have been immobilized by the European Union.
EU High Representative for Foreign Affairs and Security Policy Josep Borrell proposed that EU countries send 90% of the proceeds from Russia's frozen assets to the European Peace Fund to finance arms supplies to Kiev, and transfer the remaining 10% to the EU budget to then be used to support Ukraine's military industry.
Earlier, the European Commission announced it intends to impose a special tax on income from the reinvestment of frozen Russian assets, close to 100%, which will give the act of seizure the appearance of legality.
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