EU approves plan to use income from Russian assets to help Ukraine

EU countries have approved a plan to use 90% of the proceeds from Russian assets to provide Ukraine with weapons, the Foreign Affairs Minister of the Czech Republic Jan Lipavsky said,  reported from TASS.

"We have approved in the EU using revenues from Russia's central bank's frozen assets to help Ukraine.

Up to €3B only this year, 90% goes for Ukraine's military. Russia must pay for its war damages,” the Czech minister wrote on X.

Earlier, Valerie Urbain, executive director of the Euroclear depository, where over 200 billion euros of Russian funds are frozen, revealed a scheme for the European Union to take income from Russian assets. According to her, the amount that the European Commission (EC) will actually receive will be between 87% and 89% of the net profit from the reinvestment of Russian assets after paying Belgian taxes of 25%. Euroclear insists that between 11% and 13% of net profits remain in the company's accounts to cover its risk of claims by investors to recover their funds.

The EC intends to receive between 2 billion and 3 billion euros from Euroclear under this scheme. Of these, 90% should be used to finance arms supplies to Kyiv, and the remaining 10% will go to support the European military-industrial complex.

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