EU wants to use Russia's frozen assests

Von der Leyen (President of the EU Commission) and Charles Michel (President of the EU Council) made various statements at the press conference regarding the Leaders' Summit in Brussels. In his speech, von der Leyen emphasized that Russia was responsible for the destructions experienced by Ukraine and stated that it was up to Russia to repair this situation. He also stated that they will act cautiously towards the profits of Russia's assets by acting together with international partners.

Charles Michel also pointed out that the profits from Russian assets should be used for Ukraine and this should be done in cooperation with international partners. Stressing that they attach great importance to this issue, Michel said:"We think it's fair to use some of this money for Ukraine's future," he said.

On the other hand, the European Central Bank (ECB) warned the EU Commission that confiscation of Russian assets could adversely affect the euro's position as a global currency. In addition, the European Central Bank stated that if the EU acts unilaterally, other central banks may abandon the euro and the financing costs of European countries may increase.

Since the war in Ukraine began, Western countries have frozen 300 billion euros from the Russian Central Bank. EU countries have also frozen the assets of the Russian Central Bank, which exceed 200 billion euros.

Many of the reserves frozen by the European Union are housed in Belgium-based Euroclear, a securities clearing service. Due to these assets, a large amount of interest income is obtained in Euroclear.

The EU project is considered to include tax on interest income from Euroclear's Russian assets.