The European Union has drafted a law on which Ukraine can start profit from frozen Russian sovereign assets in July this year. According to this bill, the introduction of unforeseen income costs derived from Russian funds is envisaged in order to allocate approximately 3 billion euros a year to finance the supply of weapons to Ukraine and support its defense industry.
According to this bill, the share of revenues from February 15 will be transferred to the EU twice a year until sanctions on Russia are lifted. Initially, the funds will be directed to the European Peace Fund and the Support Fund of Ukraine. Some of the profits will remain in the central deposits of securities to cover asset management costs and minimize risks, including possible measures from Russia.
Despite the support of US Presidential Administration, Joe Baiden on the arrest of frozen assets, some European countries, including Germany and France, as well as the European Central Bank, have not yet expressed their readiness.
The European Commission seeks to accelerate the approval of the mechanism so that Ukraine can receive the first tranche of 2-3 billion euros in July. The European Commission is preparing a plan for confiscation of profits from the Russian assets frozen in the depository in the depository since February this year.
