EU found a way to "force" Russia to pay Ukraine for the war: the details of the plan to be announced soon

The European Union wants to use the funds received from the income tax on Russia's frozen assets to support Ukraine. The European Commission (EC) intends to submit the relevant plan soon. It is expected to happen on December 12.

This was reported by Bloomberg. It was noted there that European officials propose to impose the tax on profits from more than $218 billion of the Russian central bank's assets held in the EU.

It is also emphasized that the union fears that this decision will not find support among member states. In particular, Belgium, Germany, France, Italy, and Luxembourg, which:

• are concerned about the accelerated pace of adoption of the law;
• called for a more informal document to start discussing a package of measures to deal with the frozen assets of the Russian Federation.

However, it is emphasized that the EC stated that "EU leaders advised the bloc's leadership to speed up work on the proposal." And that the meeting of representatives of the EU member states and the EC on December 6 "will be key to understanding whether the difference of opinion has narrowed sufficiently."

At the same time, it is noted that, according to available data, Russian assets frozen in the Belgian clearing house Euroclear have brought almost €3 billion in profit since their blocking and until the third quarter of 2024. And "this figure is expected to continue to grow."

"The European Commission is tentatively planning to publish a draft law on December 12 on the introduction of a windfall tax on profits from frozen assets... to help Ukraine's recovery," analysts said.

As reported, in general, Russian money frozen in Europe is already beginning to be used for the benefit of Ukraine. However, so far it is a small amount of money. For this practice to become full-fledged, the EU will have to change its legislation and develop new legal mechanisms, which Russian propaganda in the West is trying its best to prevent.

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