The EU has approved the use of profits from frozen Russian assets for the benefit of Ukraine

The European Union has approved the use of profits from frozen Russian assets for the benefit of Ukraine, including for armament and reconstruction purposes.

This decision was announced by the presidency of Belgium in the EU Council.

“The money will serve to support Ukraine‘s recovery and military defence in the context of the Russian aggression“, the statement said.

Recall that in February, the Council of the European Union adopted a decision that will help transfer profits from the storage of frozen assets of the Central Bank of Russia to Ukraine in the future.

The Council decided that central depositories holding assets of the Russian Central Bank amounting to more than 1 million euros must separately account for extraordinary monetary reserves accumulated as a result of EU restrictive measures, and also separately retain the corresponding income, according to the statement from the EU Council.

In addition, central depositories are prohibited from disposing of the profits from storing assets of the Russian Central Bank.

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