The European Commission will approve on Dec. 12 a proposal to use revenues from frozen Russian assets to finance Ukraine’s needs, EC spokesman Eric Mamer said at a briefing in Brussels, according to Interfax-Ukraine news agency.
Read also: Russia could rebuild its military in 5-7 years — Czech President
“The board will approve the proposal of the Commission and the High Representative [for Foreign Affairs and Security Policy] Josep Borrell on immobilization of income from the assets of the Central Bank of Russia,” said Mamer.
The commission plans to publish the bill on Dec. 12, which would introduce a tax on profits earned from frozen Russian assets to help Ukraine’s recovery.
More than EUR 200 billion ($218 billion) of assets of the Russian central bank remain frozen by EU regulators. The bill also includes an explanation of the scheme would fit into existing legislation of EU member states.
Read also: Finland backs use of frozen Russian assets to aid Ukraine
The European Central Bank previously opposed the transfer of dividends and interest from frozen Russian assets to Ukraine. ECB officials believe that this could negatively affect the reputation of the euro as a major global currency.
Read also: Czech Republic supports freezing all Russian state assets
Belgian Prime Minister Alexander de Croo said on Oct. 11 that the country would create a special relief fund of EUR 1.7 billion ($1.8 billion) to support Ukraine by the end of 2023.
The money for the fund will be taken from frozen Russian assets in the country. Belgium will be the first country to use frozen Russian assets to support Ukraine, President Volodymyr Zelenskyy noted at the time.
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