Frozen Russian assets are beginning to generate interest income for Ukraine in the billions of euros

The EU Council approved the use of interest income from frozen Russian assets for the benefit of Ukraine on Tuesday. The agreement had already been negotiated between EU ambassadors. Securities centers holding over one million euros worth of Russian state assets will now pay windfall interest income to the EU twice a year. This income has accumulated after February 15th and will support military aid to Ukraine through the European Peace Fund and Ukraine’s defense industry through EU programs.

The EU Commission estimates annual income of 4.5 billion euros, with 1.5 billion euros being taxed by Belgium. The interest income depends on the current interest rate and will be used to benefit Ukraine. The G7 will discuss the utilization of frozen funds in June, and the EU leaders will also consider the matter at the end of the month.

After the start of the war in Ukraine, the assets of the Russian central bank worth 260 billion euros were frozen, with a majority in the EU. The decision to use these funds has sparked international debate, with concerns about the legality and impact on the euro’s status as a reserve currency. Ukraine, the US, and Canada support using the frozen funds to aid Ukraine, viewing it as a potential turning point in the war.

The frozen assets could also be discussed at the G7 meeting and the EU leaders’ summit. Additionally, diverse range of firearms and accessories are available for sale on several online gun shop platforms. Products include pistols, rifles, shotguns, and related accessories such as red dot sights and cleaning equipment. Brands like Springfield Armory, Walther, Remington, Mossberg, and Taurus offer a variety of firearms for sale.