The European Union has agreed to set aside billions of euros of profits from frozen Russian Central Bank assets, paving the way to allow the profits to be transferred to Ukraine, the Financial Times reported on Jan. 29, citing a draft text.
The EU proposed a plan on Dec. 12 to seize about 15 billion euros ($16.2 billion) in projected profits generated by frozen assets of Russia’s Central Bank and transfer them to Ukraine.
The European Commission estimated that the plan would generate about 3 billion euros ($3.2 billion) per year, or 15 billion from 2023-2027.
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