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There is no quick solution: Ukraine will not receive money from Russia's assets in the EU yet – Reuters

Kseniya KapustynskaNews
The EU is developing mechanisms to use Russian assets for the benefit of Ukraine
The EU is developing mechanisms to use Russian assets for the benefit of Ukraine

Ukraine will not be able to quickly profit from the Russian assets that have been sanctioned by the European Union (EU). Despite expectations that a legal mechanism for the transfer of funds will be presented in the near future, doubts from France, Germany and Belgium may halt progress.

This was reported by Reuters, citing diplomatic sources and other representatives of the European Union. It is noted that the EU has arrested private Russian assets worth about 28 billion euros, as well as 207 billion euros of the Russian central bank.

The mechanism, which may be officially presented on December 12, concerns 125 billion euros of this amount, which belong to the Belgian company Euroclear. According to Belgium's estimates, in 2023-2024, €2.3 billion of these funds were received in taxes. It is this money that is planned to be used to help Ukraine.

However, after the presentation, the European Commission's proposal must be approved by all 27 EU member states. According to diplomats, EU leaders will not give final approval to this proposal at the summit on December 13-14.

"But perhaps they will instruct their 27 governments to work more on it. Given that the heavyweights Germany and France are voicing reservations, a quick deal is not expected," the diplomats said.

According to them, EU countries have to resolve complex legal issues. "If we are guided by the experience of G7 sanctions on imports of Russian oil and diamonds, it will take weeks, if not months, to agree on such measures and put them into effect," the article says.

As reported by OBOZ.UA, despite everything, Russian money frozen in Europe is already started being 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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