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Bloomberg: EU to unveil plan to tap frozen Russian assets in December, sources say

European Council President Charles Michel, Ukrainian Presidents Volodyvyr Zelenskyy and President of the Republic of Moldova Maia Sandu during the meeting in Kyiv on 21 November, 2023. Credit: Presidential Office

The European Commission reportedly plans to unveil its legislative proposal to impose a windfall tax on profits generated by the Russian frozen assets in December, according to Bloomberg.

The draft plan would clarify several issues raised by member states and won’t interfere with national taxes, said a person familiar with the discussions.

The EU has been debating for months how swiftly to apply a windfall tax on the profits generated by the assets and transfer the proceeds for Ukraine’s reconstruction.

Estimates suggest that more than €200 billion of Russia’s sanctioned assets are in the EU, with the majority at the Belgium-based Euroclear clearinghouse. The assets frozen at Euroclear have generated nearly €3 billion in profits and that amount is expected to continue to rise.

Earlier, Belgian PM Alexander De Croo said Belgium would invest €1.7 billion in Ukraine in 2024 sourced from tax revenue, generated from frozen Russian assets.

Belgium commits €1.7 billion for Ukrainian aid from taxed frozen Russian assets

De Croo also revealed that Belgium and the G7 are working together to implement a traceability system, aiming to completely block Russian diamonds from their retail markets.

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