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Agreement in principle in the EU on the profits of Russian goods

by AI | 08.May 2024 | Europe in brief AI

The Permanent Representatives of the 27 have reached a “principle agreement” on the use of excess profits from frozen Russian assets for military aid to Ukraine, which will dedicate 90% of the funds.

The flags of Ukraine and the EU wave in the wind. (to dpa: "EU countries agree on financing weapons for Ukraine") Photo: Patrick Pleul/dpa-Zentralbild/dpa

Brussels (ANSA) – The Permanent Representatives of the 27, it is learned, have reached a “principle agreement” on the use of the extra profits from frozen Russian assets for military aid to Ukraine, to which 90% of the funds will be dedicated. The text, it is further learned, will need some further refinement but on the measure, during the Coreper II meeting, the principle agreement was reached.

“I welcome the political agreement reached today on our proposal to use the proceeds from frozen Russian assets for Ukraine. There could not be a stronger symbol and a better use of this money than to make Ukraine and all of Europe a safer place to live,” wrote on X the President of the European Commission, Ursula von der Leyen.

The share allocated to the central securities depository institutions – in English Central Securities Depository or CSD, mainly Euroclear – for the management of the instrument has been reduced to 0.3%. So an additional 0.2% compared to the old text (the original proposal was 3%). The Belgian presidency will later inform in which “council formation” the final clearance will take place. The first ‘transfer’ – according to the Commission’s indications – could at this point start by July (May 8).