EU Council Approves Transfer of Frozen Russian Assets Revenue to Ukraine

The EU Council approved the transfer of revenue from the taxation of excess profits of frozen Russian assets to Ukraine, reported by the Permanent Representation of the Czech Republic to the EU on social media (X).

“The EU Council has confirmed its agreement to use the revenue from the immobilized assets of the Central Bank of the Russian Federation for the benefit of Ukraine. It is expected that the annual revenue will amount to approximately €2.5-3 billion. 90% of the expected revenue will be used for military purposes to support Ukraine’s defense,” the statement said.

A smaller share — 10% — will go to the reconstruction of Ukraine.

Permanent representatives of EU member states approved the initiative on 8 May.