EU approves first step on frozen Russian assets

The European Union will create a separate account for transferring the interest from taxed profits of frozen Russian assets. The permanent representatives of EU countries made the decision at a meeting on January 29, as journalist Rikard Jozwiak from Radio Free Europe reported.

“EU ambassadors finally green lighted the first step tonight – putting aside proceeds of frozen Russian assets in a separate account. Now its all about agreeing next step: actually sending the cash to Ukraine,” the journalist said.

The Belgian Presidency of the Council of the EU 2024 also confirmed the information. “EU Ambassadors just agreed in principle on a proposal on the use of windfall profits related to immobilised assets to support Ukraine’s reconstruction,” reads the message.

Ukraine and its partners moved closer to a resolution on confiscating frozen Russian assets, announced President Volodymyr Zelenskyy in an address on February 27.

As was reported on January 22, Bulgarian lawmakers proposed a bill to the parliament to freeze Russian assets. Similar draft laws are currently under analysis in the Czech Republic, Latvia, and Estonia.