The European Commission has approved the creation of a system to block the proceeds of frozen Russian assets. European Commission Vice President Vera Jourova announced this at a press conference in Strasbourg. TASS.
“The EC Board of Directors approved the mechanism for immobilizing the proceeds from Russia’s frozen assets,” the official said.
Previously, the EU, the EU Council and the European Parliament agreed on the introduction of criminal liability in case of violation of anti-Russian sanctions. As the press service of the Spanish Presidency of the Council of the EU explained on Twitter, the new directive guarantees penalties for those who evade sanctions.
Before that the European Commission appreciated The income of the Russian Federation from frozen assets in 4 years is 15 billion Euros, and the fund is planned to be allocated to the EU budget for 2024-2027.
The EC plans to use frozen Russian assets in several stages; First of all, net revenues will be transferred to the 2024-2027 EU budget. Profit from frozen assets will then be clearly identified and accounted for in accordance with authorized capital.
Previously EU institutions acceptance Introducing criminal liability for violation of sanctions.