EU believes frozen Russian assets key to stable funding for Ukraine – media
The opinion is growing stronger within the European Union that using frozen Russian assets is the only way to ensure stable financing for Ukraine, Bloomberg reported on Monday, citing sources.
"The European Union is increasingly convinced that tapping around EUR 200 billion ($232 billion) in frozen Russian central bank assets is the only viable way to put funding for Ukraine on a sustainable footing as other sources of financing run dry," the agency informs.
"The EU will aim to reach a political agreement to use the assets at a summit meeting of leaders in Brussels next week," according to people familiar with the matter.
Once that’s secured, the bloc’s executive would rapidly start work on a legal proposal for a mechanism to release money by the second quarter of next year, the people said.
In addition, the EU intends to coordinate the use of Russian assets by the G7 members, including the UK and the US, which also hold some of Russia’s assets, the agency notes.
According to Bloomberg, the G7 countries have frozen Russian assets totaling approximately $300 billion.
According to Bloomberg, the G7 finance ministers will discuss the use of Russian funds, as well as sanctions against Russian energy resources, at a meeting next week.
Earlier it was reported that the European Commission is considering the possibility of using Russian frozen assets worth about EUR 170 billion, which are currently stored in the Euroclear financial depository in Brussels. It is assumed that EUR 140 billion of these funds will go to a "reparation loan" to Ukraine. This issue is expected to be considered at the EU summit on October 23-24.