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allow the allocation of approximately €3B per year to finance weapons for Ukraine. In particular, these are profits generated after February 15, 2024. Earlier, the President of the European Commission, Ursula von der Leyen, said that Ukraine will be able to receive the first €1B on July 1. In total, the European Union, the G7 countries, and Australia have frozen approximately €260B in securities and cash. The general director of the European depository Euroclear, Valery Urben, reported that since the beginning of the year, these assets have brought about €1.6B in interest income.
Russia would regard the seizure of revenue from its frozen assets in the European Union as a violation of all norms of the global economic system, Kremlin spokesman Dmitry Peskov said on May 22. EU countries have formally adopted a plan to use windfall profits from Russian central bank assets frozen in the EU for Ukraine's defence, the Belgian government said this week.
Austria backs idea to send Ukraine proceeds from immobilized Russian assets Austria supports the development within the EU of a plan for the use for Ukraine’s needs of windfall profits off the frozen assets of the Russian Central Bank, and will not prevent the EU from financing the nation’s defence needs.
Putin signs decree authorizing confiscation of US companies, individuals in retaliatory measure. The decree would enable Russian citizens, companies, and the central bank to appeal to courts that the seizure of their assets is unjustified. In turn, the Russian government could offer U.S. assets in Russia as compensation.
Indonesia and Saudi Arabia have urged European Union partners to refrain from confiscating frozen Russian assets, according to the Financial Times (FT), citing sources.
The EU will direct 90% of the revenue from frozen Russian assets to help Kyiv.Chancellor Olaf Scholz said on Monday that around 90% of the revenues generated from Russian assets frozen in the EU should be spent on arms purchases for Ukraine to boost its defensive capabilities. "This money can be used for weapon purchases not only in the EU but also for purchases all over the world," he emphasized after a meeting with members of the governments from the three Baltic countries in Riga. There is no obligation to purchase weapons exclusively in Europe. "The most important task is to deliver weapons quickly, not when a new factory is built," Scholz emphasized. Earlier, in March, the EU's top representative for foreign policy, Josep Borrell, suggested transferring 90% of the income from Russian assets frozen in Europe to the EU fund that finances the purchase of weapons for Ukraine. About 70%, or €190B, of all Russian assets held by the West are stored in Belgium's central securities depository, Euroclear. It is expected that Ukraine will receive the first funds from such revenues by the summer.
● Domestic Politics
Russian lawmakers on May 10 approved President Vladimir Putin’s
59 RUSSIA Country Report June 2024 www.intellinews.com