EU set to reveal plan for using profits from Russian frozen assets - Bloomberg

"The draft plan would clarify that several issues raised by member states still need to be addressed and that the EU proposal won’t interfere with national taxes or other measures," the article states.

Belgium, Germany, France, Italy, and Luxembourg expressed caution about speeding up the process and called for a more gradual approach.

Some EU members do not want to rush with the process

Instead, they told other EU envoys that the executive branch of the European Union should start with a more informal document to continue narrowing down various profit utilization options, as they deemed it premature to put forward a legal proposal.

The European Commission stated that EU leaders advised the bloc's leadership to expedite work on this proposal.

The meeting of national experts and the commission on December 6 will be a key moment in determining whether differences between countries have narrowed enough. The commission's adoption of the plan on December 12 will allow EU leaders to consider it later at the summit in Brussels.

Confiscation of Russian assets

Ukraine, together with its partners, is working on a mechanism that will allow the country to receive frozen Russian assets as compensation for war damages. A registry of damages has been created for this purpose, expected to start next year.

Bloomberg previously reported that the European Union was studying the procedure for confiscating 200 billion euros worth of assets. The European Commission is also developing its proposals.

Belgium will make a special fund of 1.7 billion euros for Ukraine. It will be filled with taxes from frozen Russian assets in Belgium.

Recently, Prime Minister of Ukraine Denys Shmyhal stated that Ukraine needed to use the assets of Russia, frozen by Western partners, for its recovery.