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EU starts work on proposals regarding frozen Russian assets

EU starts work on proposals regarding frozen Russian assets Photo: Belgian Finance Minister Vincent Van Peteghem (Getty Images)

The European Union has commenced technical work to implement proposals regarding the utilization of frozen Russian assets in the interests of Ukraine, says Belgian Finance Minister Vincent Van Peteghem during a press conference after the Economic and Financial Affairs Council meeting in Brussels.

He mentioned that the EU Financial Council is currently focusing on two key issues:

  • Macro-financial support for Ukraine

  • The frozen assets of the Russian Federation that can be used in the interests of Ukraine

"On the frozen and immobilized assets, we took stock of the proposals of the Commission (European Commission - ed.) and the High Representative (Josep Borrell - ed.) received in December 2023 and reaffirmed our strong commitment... The work at the technical level has started and we aim to make swift progress," the minister stated.

It is worth noting that Belgium currently holds the presidency of the EU Council on Economic and Financial Affairs, taking over from Spain.

"This morning we also had a very constructive exchange on the economic and financial consequences of Russia's aggression against Ukraine. It was a tour de table (round table - ed.), where everybody made it clear and expressed their support to Ukraine," said the Belgian Finance Minister.

He revealed that work on the so-called Ukrainian fund in the EU is nearing completion, which will help continue financial support for Kyiv.

Issue of transferring Russian assets to Ukraine

Recall that after the onset of Russia's full-scale invasion of Ukraine, Western countries froze the assets of the aggressor country.

Earlier reports suggested that the United States proposed seizing $300 billion from frozen Russian assets for the benefit of Ukraine, and they aim to finalize this plan by the second anniversary of Russia's large-scale invasion.

Recently, Ukrainian Prime Minister Denys Shmyhal stated that partner countries are approaching a resolution on this matter.

On January 11, it became known that the White House supported legislation that would allow the confiscation of around $300 billion from frozen Russian assets and redirect these funds to the reconstruction of Ukraine.