According to Reuters, the European Commission plans to support a legal proposal soon to use the proceeds from Russian assets frozen under sanctions due to the war against Ukraine.
Frozen assets of the Russian Federation. Brussels is preparing an important decision
As diplomatic sources in the European Union informed journalists, they intend to adopt the draft law on December 12.
What is essential to understand is that this will happen on the eve of the final summit of the 27 EU leaders.
Despite this, according to insiders, the team of Ukrainian leader Volodymyr Zelenskyy should not wait for instant good news about receiving funds from frozen Russian assets.
The main reason is that Belgium, Germany and France are still not convinced of the correctness of this decision.
The EU says it has frozen some 21.5 billion euros worth of Russian assets and that another 300 billion euros of Russian central bank funds are frozen in the EU and the G7. About 125 billion euros of this amount are held by the Belgian company Euroclear.
What obstacles may arise for the allocation of revenues from the frozen assets of Russia to Kyiv
First, it is essential to consider that this decision requires the unanimous support of 27 EU member states.
In addition, it is indicated that the proposal will not contain a direct recommendation to transfer new revenues from these assets to the EU budget due to legal risks, management issues and criticism from the European Central Bank.
According to one insider, some bloc members still have legal concerns.
The transfer of funds to the EU's central treasury is not something that can happen in the near future, the anonymous source added.
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