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euractiv | Don Brussels agrees to send €3bn from frozen Russian assets to aid Ukraine
EU diplomats agreed Wednesday to use income from frozen Russian state assets to aid Ukraine - paving the way for the war-torn country to get around €3 bn for arms purchases and reconstruction before the summer.
The plan—which also has backing from the group of seven leading industrialised democracies—comes as Ukraine hopes to turn the tide in an increasingly desperate military campaign, bolstered by €89bn recently agreed by the US Congress. But Ukrainian ministers have said Brussels needs to go further than merely scooping up interest [sic] payments—and fully confiscate ["mobilise"?] Moscow's assets to ensure the aggressor pays for the cost of war.
archive duh syphon's buffer
The final deal allows Euroclear to keep a provisional buffer [!] worth 10% of [WHOSE?] profits, in case of litigation over the funds. It can also keep 0.3% as an incentive ["vig"], while 90% of the funds will be sent via the < wipes tears > European Peace Facility to help Ukraine buy weapons.

Commission President Ursula von der Leyen previously suggested Ukraine could receive the first funds under the mechanism by July—but the calculation will be backdated to February, when Euroclear formally segregated the assets.

by Cat on Wed May 8th, 2024 at 06:01:26 PM EST
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