The European Commission approved the use of frozen Russian assets for the reconstruction of Ukraine

The European Commission has approved a proposal for a legislative act on the use of the proceeds of frozen Russian assets for the recovery of Ukraine.

Source: “Interfax-Ukraine” with reference to the comment of a high-ranking EU official.

The text of the proposals will not be made public, but will be immediately submitted to the European Council for study and subsequent decision-making. Decisions regarding the implementation of proposals must be taken unanimously by all member states of the European Union.

In this regard, he warned that he would not announce specific figures and procedures “due to the nature of the proposals – these are restrictive measures introduced due to Russian aggression.”

An EC official said that “very large amounts of assets and income of the Central Bank of Russia (CRB) were in the EU at the time of the aggression.” “At that time, in a very short period – it was a matter of a few hours or days – the EU decided to immobilize these assets of the CBR, which were in financial institutions in the territory of the EU. After that, no more transactions were possible. Subsequently, this created an exceptional situation, especially for assets that were immobilized in the so-called central depositories of securities – financial institutions that are used for transactions between buyers and sellers,” he detailed.