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EU member states unanimously supported a plan to allocate profits from blocked russian assets

EU member states unanimously supported a plan to allocate profits from blocked russian assets

Supporting the plan could be the first step toward potentially using blocked assets to rebuild Ukraine. It still awaits formalization in the coming weeks.

Source:https://www.ft.com/content/a0200868-282c-4ff6-a37b-8a38ddd04c4a

The document states that the profit received by the European depositary Euroclear from these assets (€191 billion of the €260 billion that are frozen are stored there) will be accounted for separately and will not be paid as dividends to shareholders until the EU countries make a decision on the creation of “a financial contribution to the EU budget, which will be received from this net profit to support Ukraine.”

The European Commission estimates the plan will generate about 3 billion euros ($3.2 billion) a year, or 15 billion between 2023 and 2027.

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