The bloc will continue to look at options for using proceeds from frozen assets, leaders have said in a summit declaration
The EU will continue to “explore options” for the seizure of revenues generated by frozen Russian assets to fund Ukraine, bloc leaders said after a summit in Brussels on Thursday.
The West has frozen roughly $300 billion in Russian sovereign funds since the start of the Ukraine conflict. Brussels-based clearinghouse Euroclear holds around €191 billion ($205 billion) of the funds and has accrued nearly €4.4 billion in interest over the past year.
Profits on the assets are estimated to stand at €2-€3 billion this year. European Commission President Ursula von der Leyen has said the first tranche of €1 billion ($1.09 billion) could be disbursed as early as July.
The EU is reportedly trying to fast-track the decision to fund Kiev amid waning support from the US, where a $60 billion aid package for Ukraine has stalled in Congress. In their summit declaration, EU leaders instructed officials to “explore all options for mobilizing funding and report back by June.”
“I am confident that we can act very quickly,” Charles Michel, president of the European Council, told reporters.
The EU is pressing ahead with a plan proposed by von der Leyen last month to use proceeds from Russian funds to procure arms for Ukraine.
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