{"id":129145,"date":"2024-03-21T07:30:39","date_gmt":"2024-03-21T05:30:39","guid":{"rendered":"https:\/\/tietopankki.crnet.fi\/fi\/news\/eu-policy-brussels-poised-to-send-billions-from-frozen-russian-assets-to-ukraine\/"},"modified":"2024-03-21T07:30:39","modified_gmt":"2024-03-21T05:30:39","slug":"eu-policy-brussels-poised-to-send-billions-from-frozen-russian-assets-to-ukraine","status":"publish","type":"post","link":"https:\/\/tietopankki.crnet.fi\/en\/news\/eu-policy-brussels-poised-to-send-billions-from-frozen-russian-assets-to-ukraine\/","title":{"rendered":"EU Policy. Brussels poised to send billions from frozen Russian assets to Ukraine"},"content":{"rendered":"<div class=\"mp_wrapper\">\n  <div class=\"mepr-unauthorized-message\">\n    <p>You are unauthorized to view this page.<\/p>\n  <\/div>\n  <div class=\"mepr-login-form-wrap\">\n            \n<div class=\"mp_wrapper mp_login_form\">\n                  <!-- mp-login-form-start -->     <form name=\"mepr_loginform\" id=\"mepr_loginform\" class=\"mepr-form\" action=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/\" method=\"post\" data-trp-original-action=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/\">\n            <div class=\"mp-form-row mepr_username\">\n        <div class=\"mp-form-label\">\n                              <label for=\"user_login\">Username<\/label>\n        <\/div>\n        <input type=\"text\" name=\"log\" id=\"user_login\" value=\"\" \/>\n      <\/div>\n      <div class=\"mp-form-row mepr_password\">\n        <div class=\"mp-form-label\">\n          <label for=\"user_pass\">Password<\/label>\n          <div class=\"mp-hide-pw\">\n            <input type=\"password\" name=\"pwd\" id=\"user_pass\" value=\"\" \/>\n            <button type=\"button\" class=\"button mp-hide-pw hide-if-no-js\" data-toggle=\"0\" aria-label=\"Show password\">\n              <span class=\"dashicons dashicons-visibility\" aria-hidden=\"true\"><\/span>\n            <\/button>\n          <\/div>\n        <\/div>\n      <\/div>\n            <div>\n        <label><input name=\"rememberme\" type=\"checkbox\" id=\"rememberme\" value=\"forever\" \/> Remember Me<\/label>\n      <\/div>\n      <div class=\"mp-spacer\">&nbsp;<\/div>\n      <div class=\"submit\">\n        <input type=\"submit\" name=\"wp-submit\" id=\"wp-submit\" class=\"button-primary mepr-share-button\" value=\"Log In\" \/>\n        <input type=\"hidden\" name=\"redirect_to\" value=\"\/en\/wp-json\/wp\/v2\/posts\/129145\" \/>\n        <input type=\"hidden\" name=\"mepr_process_login_form\" value=\"true\" \/>\n        <input type=\"hidden\" name=\"mepr_is_login_page\" value=\"false\" \/>\n      <\/div>\n    <input type=\"hidden\" name=\"trp-form-language\" value=\"en\"\/><\/form>\n    <div class=\"mp-spacer\">&nbsp;<\/div>\n    <div class=\"mepr-login-actions\">\n        <a\n          href=\"https:\/\/tietopankki.crnet.fi\/en\/login-2\/?action=forgot_password\"\n          title=\"Click here to reset your password\"\n        >\n          Forgot Password        <\/a>\n    <\/div>\n\n      \n    <!-- mp-login-form-end --> \n  <\/div>\n      <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<div class=\"smart_content_wrapper\">\n<p>Windfall revenues from hundreds of billions in central bank assets held at Euroclear Belgium set to help arm and reconstruct the war-torn nation. The EU aims to deploy frozen Russian assets to send 3 billion euros per year to Ukraine, the European Commission announced today (20 March), with the first funds potentially paid as soon as July.\u00a0The Russian central bank holds around \u20ac210bn within the EU \u2013 chiefly at the Euroclear depositary in Belgium \u2013 that have lain frozen since war broke out in 2022. Now officials are proposing to use interest on those assets to support Ukraine \u2013 fulfilling a longstanding promise that has been delayed by concerns of wider economic and political ramifications from the unprecedented move.<\/p>\n<p>\u201cWe are today keeping up pressure on Russia and holding it accountable for its illegal act of aggression and for the massive damage and suffering it has caused,\u201d EU Commissioner Valdis Dombrovskis said in a statement. The move was coordinated with partners in the group of seven democracies that also includes the UK and US, Dombrovskis added.\u00a0In October, EU leaders asked Brussels to look at how to use the extra central bank revenue to support Ukraine, without breaching EU or international law. Officials believe that, subject to interest rates, the move could generate \u20ac2.5-\u20ac3bn each year after tax, with Euroclear allowed to keep a small percentage of around 13% for administrative costs and legal liability.<\/p>\n<p>That would come on top of a \u20ac5bn deal struck last week under the European Peace Facility (EPF), and in the week that the EU made its first \u20ac4.5bn bridge financing from the Ukraine facility. But it also arrives as battlefield conditions in Ukraine become increasingly dire, and as vital funding from the US is held up by Congressional squabbles.\u00a0Speaking in Brussels today, Ukrainian Prime Minister Denys Shmyhal welcomed the EU\u2019s new proposal but said using the interest was only the first step. \u201cWe insist on the full confiscation or other use of all frozen assets,\u201d Shmyhal told reporters. \u201cEurope and the world need an effective precedent for making the aggressor pay a heavy price for the destruction it has caused in Ukraine.\u201d<\/p>\n<p>While originally mooted as a funding for Ukraine\u2019s reconstruction, 90% of the funds released by today\u2019s plans are set to flow through the European Peace Facility, which aims to supply Ukraine with munitions. That may reflect heightening concerns that Ukraine is not just at risk of destruction, but of losing the war outright, with significant implications for the bloc. \u201cIf Putin were to conquer Ukraine&#8230; the Russian army will be at our borders,\u201d the EU High Representative for Foreign Affairs Josep Borrell told reporters today. \u201cWe could be sure that they will not be stopping there.\u201d<\/p>\n<p>While the plans still require agreement from EU member states meeting in the Council, Borrell told Shmyhal that he \u201chope[s] that we can agree soon and change notes into weapons, because your soldiers don\u2019t fight with banknotes.\u201d Officials seem unconcerned about European Central Bank worries that the move could have wider implications for the euro\u2019s credibility as a global reserve currency.\u00a0So far the EU has proceeded cautiously, but officials now hope first payments could take place as soon as July. The first payment will be backdated to February 2024, when a new EU law was passed requiring Euroclear to segregate Russian assets.<\/p>\n<p>Source: <a rel=\"noopener\" href=\"https:\/\/www.euronews.com\/my-europe\/2024\/03\/20\/brussels-poised-to-send-billions-from-frozen-russian-assets-to-ukraine\">Euronews<\/a><\/p>\n<\/div>\n<p>The post <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\/csr-news-en\/eu-policy-brussels-poised-to-send-billions-from-frozen-russian-assets-to-ukraine\/\">EU Policy. Brussels poised to send billions from frozen Russian assets to Ukraine<\/a> appeared first on <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\">Vastuullisuusuutiset.fi<\/a>.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[555,274,13868,13869,559],"class_list":["post-129145","post","type-post","status-publish","format-standard","hentry","category-news","tag-csr-news-en","tag-eu","tag-frozen","tag-russian-assest","tag-ukraine"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts\/129145","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/comments?post=129145"}],"version-history":[{"count":0,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/posts\/129145\/revisions"}],"wp:attachment":[{"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/media?parent=129145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/categories?post=129145"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/en\/wp-json\/wp\/v2\/tags?post=129145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}