Skip to content
Edit post

FT: EU leaders back using profits of frozen Russian assets to fund Ukraine

by Martin Fornusek October 27, 2023 5:38 PM 2 min read
The EU and Ukrainian flags in front of the European Parliament in Brussels, Belgium, July 2023. (Thierry Monasse/Getty Images)
This audio is created with AI assistance

Support independent journalism in Ukraine. Join us in this fight.

Become a member Support us just once

EU leaders have supported plans to use billions of euros in profits generated by frozen Russian assets to support Ukraine, the Financial Times reported on Oct. 27, citing official sources.

The bloc's chiefs voiced support for the idea during their two-day summit in Brussels. Now, the European Commission is expected to present a concrete legal proposal in early December, the outlet said, citing two undisclosed senior officials.

Brussels is in regular contact with the U.K. and the U.S. to coordinate their approach regarding the frozen Russian funds, officials told the Financial Times.

Western sanctions have frozen around $300 billion of Russia's sovereign assets since the start of the full-scale invasion. Some $190 billion of this sum is held at Euroclar, a Brussels-based securities depository.

Zelensky asks EU leaders for endurance in face of Russia’s aggressive ambitions
“Russia needs to see that its ambitions as an invader will endure less than our ability to defend our freedom,” Ukraine’s President Volodymyr Zelensky said in a video address to EU chiefs convening for a two-day European Council summit in Brussels.

Euroclar said on Oct. 26 that it had earned over $3 billion from financial operations with the frozen funds in the nine months of 2023, compared to less than $370 million in the same period last year.

Kyiv and its Western partners have long been discussing possible methods of using Russian assets immobilized on Western accounts for funding Ukraine.

These efforts have been spearheaded by Belgiun, which created a $1.8 billion fund for Ukraine, financed by the tax revenue from interest on frozen Russian assets.

On Oct. 12, the Estonian government approved a draft law that, if passed by parliament, would allow immobilized Russian assets to be transferred to Ukraine.

Minister: UK explores using frozen Russian assets to fund Ukraine’s defense
U.K. Finance Minister Jeremy Hunt said that finance ministers of the Group of Seven (G7) members had also discussed “whether Russian sovereign assets could be used to fund Ukraine’s defense.”

News Feed

11:14 PM

Romania denies downing Russian drones over Ukraine.

Videos on social media that purport to show Romanian air defense units shooting down Russian attack drones above Ukraine are spreading a false narrative, Romania's Defense Ministry said in a statement on July 26.
Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
3:38 PM

Russian ex-deputy defense minister arrested on corruption charges.

In his previous position, former Russian Deputy Defense Minister Dmitry Bulgakov was in charge of the military's logistics chains during the full-scale invasion of Ukraine. His dismissal was widely seen as a response to the logistic failures that accompanied the early months of Russia's all-out war.
11:31 AM

Сeasefire would leave 25% of Ukraine under Russian control, ambassador says.

"Many countries have proposed the idea of a ceasefire, but no one thinks about what it means. Some 25% of Ukrainian territory would remain under Russian control, which means buying time for Russia to strengthen its capabilities and resume its attacks on Ukraine," Ambassador of Ukraine to Turkey Vasyl Bodnar said.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.