Putin's Warning Falls Flat: EU To Give Ukraine Profits From Frozen Russian Assets | Details

In a landmark decision, the European Union has reached an agreement regarding the fate of frozen Russian assets, marking a significant development in the ongoing conflict between Russia and Ukraine. After months of deliberation, EU ambassadors have come to a consensus in principle on the expropriate of revenue generated from these assets to continue funding and arming key The proposal targets the proceeds from an estimated one, $91 billion held in Belgian clearing house Euroclear. With Western states freezing an estimated $300 billion of Moscow sovereign capital abroad since the conflict began, Euroclear, which generates billions in profits annually from the Russian funds, will play a crucial role in the implementation of this plan. European Commission President Ursula von der Leyen emphasized the significance of using these funds to enhance security in Ukraine and Europe. Under the proposal, 90% of the profits will go towards purchasing armaments for Ukraine, with the remaining 10% allocated for non military aid. Belgium will levy a corporate tax on the revenue, while Euroclear will retain A portion to cover potential litigation by Russia. The move follows extensive debate among Ukraine's Western allies, with the US advocating for the seizure of assets while facing resistance from the EU. Russia has vehemently opposed any seizure of its assets, warning of dire consequences for international trust in the financial system. As tensions persist, the fate of these frozen assets will continue to shape the dynamics between Russia, Ukraine and their Western counterparts.