Using frozen assets of the Russian Federation to help Ukraine: EU postpones announcement

The announcement of the European Commission's proposal to use the frozen state assets of the Russian Federation to finance Ukraine, which was expected by August, has now been postponed until September. This information was reported by Reuters.

The European Union, which first expressed this idea in November, is actively seeking a legally correct way to use the tax on interest that these frozen assets bring to Ukraine. The EU is carefully studying the situation to ensure that financial assistance to Ukraine does not violate international law and would stand up in court in the event of any claims by the Russian Federation.

After Russia's invasion of Ukraine, the European Union froze more than 200 billion euros of assets of the Russian central bank, most of which are located in Belgium. In addition, private funds have also been frozen and legal actions have been initiated against them.

Reuters reports that the EU is working with the Group of Seven (G7) countries to conclude an agreement on actions in this regard, and a statement on this issue is expected to be released this month. In total, the G7 countries, along with the EU, have frozen more than 300 billion euros ($335.55 billion) of Russian assets.

"Discussions between EU member states are progressing positively. The last meeting of the council's working group on this issue took place on July 12, and the next one is scheduled for September," Reuters said.

The implementation of this assistance through frozen assets could be an important step in supporting Ukraine during its conflict with the Russian Federation, as well as in strengthening security and stability in the region. However, the final decision on the use of Russian assets to help Ukraine will depend on the results of a detailed analysis and agreements between EU member states and G7 countries.