Diplomats smooth over dispute about taxation and management costs in Belgium
People survey the damage caused by an overnight rocket attack in Krasylivka village, near Kyiv, Ukraine, on Wednesday. Photograph: Sergey Dolzhenko/EPAThe EU has reached a deal to seize profits from Russia’s frozen assets to fund weapons and aid for Ukraine within months.
The EU – wary of the legal ramifications of seizing the entire cache of Russian assets – decided it could give the profits to Ukraine, after concluding Moscow had no legal right to these funds. But finding a deal has been complicated by divisions about how to spend the money, Euroclear’s management fees and Belgium’s 25 per cent tax on corporate profits.
Meeting on Wednesday, the diplomats also whittled Euroclear’s management fee to 0.3 per cent, down from the original 3 per cent proposed. Welcoming the agreement, the European Commission president, Ursula von der Leyen, said on X: “There could be no stronger symbol and no greater use for that money than to make Ukraine and all of Europe a safer place to live.”
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