EU Leaders Urge Adoption of Proposal on Using Incomes from Frozen Russian Assets for Ukraine

"The European Council welcomes progress on the proposals to direct extraordinary revenues stemming from Russia’s immobilized assets for the benefit of Ukraine and calls for their swift adoption," the document says, TASS reported.

The EU, the US, Japan and Canada have frozen Russian assets worth a total amount of around $300 bln. Around $5-6 bln of these assets are held at US securities depositories, while the bulk of the assets are in Europe, including at the Euroclear international securities depository in Belgium.

Earlier, the European Commission greenlighted a proposal on using revenues from blocked Russian funds for aid to Kiev. EU High Representative for Foreign Affairs and Security Policy Josep Borrell said that the initiative meant using 90% of Russia’s revenues to purchase shells for Ukraine and putting the other 10% into the EU’s budget for further support of Ukraine’s military and industrial complex. The first transfer could be made as early as in July. Russian Central Bank Governor Elvira Nabiullina said earlier that if the West used frozen Russian assets the Bank of Russia would take respective measures to protect its interests.