EU leaders have endorsed plans to use billions of euros in earnings generated by frozen Russian assets to help Ukraine, with the European Commission expected to put forward legal proposals in early December.
Western sanctions have immobilised $300bn belonging to Russia’s central bank since Moscow launched its full-scale invasion of Ukraine last year. The lion’s share — €180bn according to the Belgian government — is held at Euroclear, the world’s largest securities depository, headquartered in Brussels.
“Politically, we agreed that ultimately Russia must pay for the long-term reconstruction of Ukraine,” European Commission president Ursula von der Leyen said on Friday after a summit of EU leaders.
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