EU senior diplomats agreed to use 4.4bn windfall profits from Russia's frozen assets to aid Ukraine. Compromises on taxation and management costs were made during the meeting.
Euroclear holds 191bn of the 260bn Russian assets frozen by Western governments. The clearing house reported 4.4bn interest on the funds, with Belgium expecting 1.085bn in taxes.
There were complications in finding a deal due to disagreements on spending the money, management fees, and Belgium's 25% tax on corporate profits. Belgium considers transferring the taxes to Ukraine from 2025.
EU member states decided that 90% of the profits would be used for weapons for Ukraine and remaining 10% for non-lethal aid. This distribution aims to address concerns over the use of the funds.
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