Commission Welcomes Decision on the Use of Proceeds from Immobilized Russian Assets

Source: www.gulfoilandgas.com 5/21/2024, Location: Asia

The Commission welcomes the formal decision taken in the General Affairs Council on the Commission's and High Representative's proposal to use the proceeds from immobilised Russian assets for Ukraine.

Executive Vice-President for an Economy that Works for People, Valdis Dombrovskis, said: "I welcome the formal decision taken today in the Council which will allow the extraordinary revenues from assets of the Russian Central Bank immobilised under sanctions following Russia's war of aggression against Ukraine, to be used to the benefit of Ukraine. The EU has chosen a way forward that is legally sound, and flexible so that support can adjust to Ukraine's most pressing needs. Speed remains of the essence and the Commission will continue making all efforts to allow the first payment to be made already in July.”

Vice-President for Values and Transparency, Vera Jourová, said: “Today's decision marks a significant step forward in our unwavering support for Ukraine. This initiative not only aids Ukraine in its recovery but also underscores our commitment to upholding international law and justice. In 2024 the proceeds from the immobilised assets will primarily support Ukraine's military activities to defend itself and to boost its military capabilities, to meet the country's most immediate needs.”

Next Steps
The decisions will enter into force after their publication in the Official Journal.

Resources will be available to support Ukraine starting from July 2024, with bi-annual payments.

While the Ukraine Facility provides opportunities to support emergency rehabilitation, recovery and reconstruction, Ukraine's most pressing needs in defence can be met through the European Peace Facility (EPF), and, once adopted, the European Defence Industry Programme (EDIP). In 2024, 90% will be devoted to the supply of military equipment through the assistance measures funded under the EPF and 10% for the EU budget. Within the share for the EU budget in 2024, the full allocation will be devoted to the Ukraine Facility.

The decisions allow prioritisation of needs that are likely to shift over time. The distribution will be reviewed annually with the first review by 1 January 2025.


Ukraine >>  7/12/2024 - Thank you, Chair.
On 8 July, Russia launched another prolonged and deadly missile attack against cities across Ukraine, including Kyiv, Dnipro a...

Italy >>  7/5/2024 - EAM was informed of the outcome of the Milan Criminal Appeal proceedings where, under indictment point F, EAM held the status of a victim for the alle...

Ukraine >>  6/24/2024 - The Commission welcomes the Council's adoption of a 14th package of sanctions against Russia. The new package responds to the needs and findings on th...
Colombia >>  6/21/2024 -  Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) ("Ecopetrol") informs that the amendment of its bylaws relating to its corporate purpose was registered bef...

Singapore >>  6/21/2024 - Reference is made to the stock exchange announcement made by BW LPG Limited (“BW LPG” or the “Company”, OSE ticker code: “BWLPG.OL”, NYSE ticker code ...
United Kingdom >>  6/20/2024 - UK Oil & Gas PLC (London AIM: UKOG) notes today's Supreme Court ("Court") decision by a three to two majority, which found that in its 2019 grant of p...




Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.