EU to tap Russian money next week – Borrell ...News

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EU to tap Russian money next week – Borrell
The bloc plans to expropriate €2.5 billion in interest earned by the frozen assets, the top diplomat has said The EU will receive the first tranche of revenues generated by Russia’s frozen central bank assets within a few days, the bloc’s top diplomat, Josep Borrell, has said. The funds will later be sent to Ukraine. Shortly after the Ukraine conflict began, Western countries immobilized around $300 billion in Russian sovereign funds, the bulk of which are held in the EU. While the bloc has stopped short of outright seizing the money due to legal concerns, in May EU diplomats agreed “in principle” to expropriate

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