The President of the Central Bank of Russia, Elvira Nabiullina, said that the seizure of revenues from frozen assets of the Russian Federation undermines confidence in the euro as a reserve currency. The regulator’s words at the press conference after the board meeting were reported by the socialbites.ca correspondent.
“As for the withdrawal of income from the investment of frozen funds, in our opinion both the withdrawal and the freezing of funds in principle worsen the prospects for the development of the euro as a reserve currency used in international reserves and payments.” said the economist.
Speaking about when the Central Bank will apply for the return of frozen Russian assets, Nabiullina said that the regulatory authority is working on this issue despite the difficulties.
Previously EC Vice President Vera Yurova stated The European Commission has approved the creation of a system to block income from frozen Russian assets, he said at a press conference in Strasbourg.
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 reportedIt was stated that London will create a service to monitor compliance with the sanctions regime against Russia.