The EU is preparing to transfer money from frozen Russian assets to Ukraine – ambassadors have made a decision

Permanent Representatives of EU member states have approved the transfer of funds from frozen Russian assets to Ukraine. In particular, this refers to the proceeds from the taxable profits of the frozen Russian assets. A final decision on this matter has not yet been made, but the ambassadors' decision is the last step to put this mechanism into effect.

This was reported by the Belgian presidency of the EU Council. They noted that the funds would be used for the restoration and defense of Ukraine.

"EU ambassadors have agreed on measures regarding the extraordinary proceeds from Russia's frozen assets. The money will be used to support the reconstruction and defense of Ukraine in the face of Russian aggression," the statement said.

It should be noted that the decision of the Permanent Representatives must still be approved by the Council of the European Union. Only then will it come into force.

There will be no complete confiscation of frozen Russian assets

At the same time, the Financial Times previously reported that the G7 countries are no longer discussing the full confiscation of frozen Russian assets, despite Ukraine's insistence on it. Instead, they are exploring alternative ways to obtain financing from the frozen funds. For example, the United States has offered to raise funding for Ukraine through a loan or bond secured by future profits from frozen assets.

According to opponents of confiscation, this step could set a dangerous precedent in international law. It could jeopardize not only the interests of any country at odds with Western capitals but also the international legal order.

As reported by OBOZ.UA, at the same time, President of Ukraine Volodymyr Zelenskyy set the government the task of ensuring that Russian assets frozen in the West are transferred to Ukraine. Therefore, a separate subgroup is being created to work on the issue of confiscation of Russian sovereign assets there.

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