EU: European Commission prepares proposal for use of income tax from Russian frozen funds

As published on: en.interfax.com,ua, Monday 11 December, 2023.

The European Commission (EC) will approve on Tuesday a proposal for a bill on using taxation of income from frozen Russian assets to help Ukraine, EC spokesman Eric Mamer has said.

The spokesman said at a briefing in Brussels on Monday that the Collegium would approve the proposal of the Commission and the High Representative (EU Foreign Affairs Josep Borrell) on the immobilization of income from the assets of the Central Bank of Russia.

Earlier, European media reported that on December 12, the European Commission may present a proposal on the use of income tax on frozen funds of the Russian Federation. If approved, the proposal will be considered by the heads of state and government of the EU countries at their summit on December 14-15 in Brussels.

According to media reports, more than EUR 200 billion of blocked Russian assets are located in the EU, with a significant part in Belgium with the international depositary Euroclear.

In October, the Belgian authorities announced that they would create a fund for Ukraine of EUR 1.7 billion through taxation of income from Russian assets. In March 2022, the EU decided to freeze Russian assets in EU countries.


EU Russian Frozen Funds Income tax

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