According to the European Commission's website, the decision on the Russian assets will take effect after its publication in the Official Journal of the EU.
“The resources will be available to support Ukraine starting in July 2024 with biannual payments,” the agency said on its website.
EU countries today approved a plan to use frozen Russian assets to help Ukraine. According to the decision, European central banks holding more than €1 million in Russian assets will be required to hand over profits from them generated after February 15, 2024.
In 2024, the EU plans to channel all funds received from Russian assets into the Ukraine Facility, the European Commission said in a statement. This is about 2.5-3 billion euros, it said.
Ukraine's most urgent defense needs can be met through the European Peace Facility (EPF) and, if the decision is made, through the European Defense Industrial Program (EDIP).
The EU also does not intend to transfer the proceeds of its frozen assets to Russia even after sanctions are lifted, according to EU Council regulations.
“Unexpected and extraordinary revenues shall not be made available to the Russian Central Bank in accordance with the rules in force, even after the lifting of the ban on transactions,” the document says.
The EU Council ruled that income from Russia's assets “does not belong to the sovereign”, so the relevant protection rules are not applicable to them.
