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The European Union reaches a preliminary agreement to use frozen Russian profits

The European Union reaches a preliminary agreement to use frozen Russian profits

The funds should be used mainly to help Ukraine

May 8
2024
– 5:21 pm

(Updated at 5:39 p.m.)

Permanent representatives of the 27 EU member states (Coreper) on Wednesday (8) reached a “principled agreement” on the use of extraordinary profits from Russian assets frozen in European banks.

According to sources, the text will need additional amendments.

Profits to date are estimated at around 4.4 billion euros (24 billion Brazilian reals), derived from 260 billion euros (1.4 trillion Brazilian reals) frozen.

It is expected that 90% of the funds will be allocated to military and humanitarian support to Ukraine.

The portion allocated to central depository institutions (Central Securities Depository, or CSD, in English) for managing the instrument was reduced to 0.3%.

The EU executive expects the first transfer to take place by July.

“There can be no stronger symbol and no greater value for money than making Ukraine and Europe a safer place to live,” European Commission President Ursula von der Leyen said. .

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