EU Commission postpones proposal to give frozen Russian assets to Ukraine
EU Commission postpones proposal to give frozen Russian assets to Ukraine (Getty Images)
A European Commission proposal to use frozen Russian state assets to finance Ukraine will not be made public until September, The Guardian reports.
Initially, it was expected that the proposal would be released before August. However, according to a Spokesperson for the European Commission, the initiative has been temporarily postponed.
"Discussions between member states have been going well. The last meeting of the council working party on this matter was on 12 July and the next one will take place in September. Intensive work is taking place in the G7 context and we aim to have a G7 statement before the summer break. A legal proposal we aim to have after the summer break,” the spokesperson said.
Initiative to use frozen Russian assets for Ukraine's recovery
In March, following the EU leaders' summit, the European Council supported the idea of a mechanism to register damages inflicted by Russia on Ukraine.
According to Ukrainian Prime Minister Denys Shmyhal, the country's reconstruction needs have increased to $411 billion. However, this amount does not include data on losses in temporarily occupied territories.
EU has been considering the possibility to invest in frozen Russian assets and transfer the profits to Ukraine.
