Already in July: the supply of weapons of the Armed Forces is financed at the expense of profit from frozen assets of the Russian Federation - the media
About it writes Bloomberg, which has got acquainted with the projects of documents, which considers the algorithm for the transfer of these funds to Ukraine. The overwhelming majority of assets are "frozen" through the Belgian Clearing Chamber of the EuroClear, where in 2023 they brought about 4. 4 billion euros. Such funding has become especially important because Ukraine is experiencing a projectile famine, and US assistance in about $ 60 billion remains blocked in Congress.
Proposals to support all EU member states provide for the introduction of income tax derived from "frozen" assets, in order to use approximately 3 billion euros ($ 3. 3 billion) a year to finance weapons to Ukraine. The share of revenues from February 15, which has not yet been defined, will be transferred to the EU twice a year until the sanctions are lifted. Ukraine will start receiving funds in solving all issues in July this year.
At the same time, the profit received in the past will be temporarily saved, and then transferred to the EU no earlier than five years, the pro -proposal is said. In the event of risks, these "extraordinary" income received by the Central Securities Depository by February 15, 2024 must be used first and foremost to cover the appropriate costs. "The conditions for transfer to the EU Sums temporarily withheld when they are no longer needed," one of the documents reads.
Initially, the funds will be directed to the European Peace Fund - the EU mechanism for reimbursement of the value of the weapons delivered to Kiev, as well as to the EU budget fund for Ukraine. Some of the profits will remain with the central depositaries of assets that have assets, to cover the costs of managing them and combating any risks, including potential measures in response from Russia. Appropriate costs and corporate tax will also be deducted from income to their transfer.
Earlier, the EU requested the central depository of securities that have "frozen" Russian assets worth more than 1 million euros, to set aside income, to set separate accounting procedures. In addition, they were forbidden to use profit and proposed to provide the EU regular reports under the block proposals. All proposals for the use of Russian assets will be discussed by EU leaders at a meeting in Brussels this week. At the same time, the opinions of some European politicians are already known.
Yes, Josep Borrel, the head of the EU Foreign Policy Office, told reporters that there is no full unanimity, but there is a powerful consensus to make this decision. He added that some Member States want to get more information. Polish Foreign Minister Radoslav Sikorsky reported after a meeting with his EU colleagues in Brussels on Monday, March 18, that they made a "political decision, though not legal" to use unforeseen profit.
However, some Union countries reluctantly support the use of these funds to provide military support to Ukraine, and this split risks delaying progress, according to experts aware of this issue. At the same time, the US Presidential Administration pushes the G7 allies to the immediate confiscation of "frozen" assets and wants to see progress to the leaders' summit in June.