EU greenlights use of net profits from frozen Russian assets to support Ukraine’s self-defence and reconstruction
The Council of the European Union today adopted a set of legal acts ensuring that the net profits stemming from unexpected and extraordinary revenues accruing in the EU as a result of EU restrictive measures against Russian assets will be used for further military support to Ukraine, as well as its defence industry capacities and reconstruction.
This means that the EU central securities depositories (CSDs) holding Russian sovereign assets and reserves of more than €1 million will make a financial contribution from their corresponding net profits, accumulating since 15 February 2024.
The amounts will be paid by the CSDs to the EU on a bi-annual basis, and will be used for further military support to Ukraine through the European Peace Facility (90%), as well as with support to Ukraine’s defence industry capacities and reconstruction needs with EU programmes (10%).
This allocation will be reviewed yearly, and for the first time before 1 January 2025.
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