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The original was posted on /r/worldnews by /u/3kOlen on 2024-03-14 14:25:34.
EU moves towards using €27bn in profit from frozen Russian assets for Ukraine
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
https://www.theguardian.com/world/2024/mar/14/eu-profit-frozen-russian-assets-ukraine
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
EU leaders are to take a significant step towards confiscating a potential €27bn in profit generated over the next four years by Russian state assets frozen in Europe to help fund the war effort in Ukraine.
Officials at the European Commission are poised to put forward what they believe is a legally robust proposal to be considered by member states, possibly before a meeting of prime ministers in Brussels next Thursday.
While officials are hopeful of an agreement on seizing the profits, they do not expect a deal yet on how the money should be used, because some states are against using it to fund Ukraine’s military, preferring that the cash be spent on reconstruction and humanitarian efforts.
Last month EU leaders agreed that the proceeds could be held in a separate account, clearing the war for “step B”, which would be a decision that this money could be confiscated and sent to Ukraine.
“The European Council reviewed progress on the next concrete steps towards directing extraordinary revenues stemming from Russia’s immobilised assets for the benefits of Ukraine including the funding of military support,” it states.
The Russian central bank holds £26bn in the UK, and the foreign secretary, David Cameron, has joined the Ukrainian president, Volodymyr Zelenskiy, in calling for the money to be seized and handed to Kyiv.
The original article contains 665 words, the summary contains 220 words. Saved 67%. I’m a bot and I’m open source!