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EU Council approves confiscation of profits from russian assets for Ukraine 05/21/2024 15:39:29. Total views 199. Views today — 3.

On May 21, the EU Council approved the transfer of proceeds from taxable windfall profits of frozen russian assets to Ukraine. According to "European Pravda", the permanent representation of the Czech Republic to the EU announced this on the social network X (Twitter).

Most of the funds will go towards military support for Ukraine.

"The EU Council confirmed its agreement to use proceeds from immobilized assets of the Central Bank of the Russian Federation in favor of Ukraine. It is estimated that the annual proceeds will amount to approximately 2.5-3 billion euros. 90% of the expected proceeds will be used for military purposes to support Ukraine's defense", - the statement said.

A smaller share, 10%, will go towards the reconstruction and recovery of Ukraine.

The permanent representatives of the EU member states approved this initiative on May 8.

In February, the EU agreed on another important step in its plan to use frozen russian assets, related to the legal rules for storing windfall profits from the assets.

In March, EU chief diplomat Josep Borrell proposed a plan to redirect the interest earned on frozen russian assets to Ukraine. According to the plan, 90% of the funds should go into a fund used to cover the cost of weapons for Ukraine.