EU leaders fail to approve mechanism of using frozen Russian assets
European Union leaders have taken note of the European Commission's proposed mechanism of using frozen Russian assets, but failed to approve it, according to their joint statement released on Thursday.
"The European Council reiterates its call for decisive progress, in coordination with partners, on how extraordinary revenues held by private entities stemming directly from Russia's immobilized assets could be directed to support Ukraine and its recovery and reconstruction, consistent with applicable contractual obligations, and in accordance with EU and international law. In this context, it takes note of the recent proposals on extraordinary revenues stemming from immobilized Russian assets," the document says.
As previously reported, such steps by the EC have been postponed since the summer of this year, but problems with collecting aid to Ukraine in the EU and the US have given new impetus to attempts to use proceeds from Russian frozen assets. To put the plan into effect, it must be unanimously approved by all 27 EU countries at a summit.
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