https://sputnikglobe.com/20231212/taxable-profit-from-frozen-russian-assets-estimated-at-over-16bln-in-4-years-reports-1115542502.html
Taxable Profit From Frozen Russian Assets Estimated at Over $16Bln in 4 Years - Reports
Taxable Profit From Frozen Russian Assets Estimated at Over $16Bln in 4 Years - Reports
Sputnik International
The European Commission reportedly estimates that taxable profits from Russia's frozen assets will be over 15 billion euros ($16.2 billion) over the next four years.
2023-12-12T17:21+0000
2023-12-12T17:21+0000
2023-12-12T17:21+0000
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Later in the day, the European Union is expected to propose a new plan to apply a windfall tax to the profits generated by the frozen Russian central bank assets, aiming to use the funds for the future reconstruction of Ukraine, the report said. The plan includes several steps, such as identifying assets to which the measure can be applied, deducting expenses and national taxes, and accounting for the resulting profits in accordance with statutory capital and risk management requirements, the media outlet said. After that, the profits can be transferred to the EU budget, it added. The plan also includes measures to protect financial institutions holding the assets from legal risks and Russia's potential countermeasures, the report said. On Monday, European Commission spokesman Eric Mamer said the commission was preparing to adopt a proposal to immobilize revenues from assets of the Russian Central Bank at a meeting on December 12. Most of the frozen Russian assets are held at the Belgium-based Euroclear central securities depository, with profits generated from them since the time they were sanctioned amounting to almost 3 billion euros, Bloomberg said in late November. Belgium reportedly said that it would invest 1.7 billion euros in the reconstruction of Ukraine next year. After the start of Russia's military operation in Ukraine on February 24, 2022, Western countries imposed comprehensive sanctions against Moscow, including freezing Russian assets worth approximately 300 billion euros. The EU has been discussing a legal framework that would allow for the confiscation of assets of Russian citizens and entities accused of violating EU sanctions. Russia argues that any attempt by the EU to confiscate frozen assets would violate international law. Kremlin spokesman Dmitry Peskov told Sputnik that Russia would do everything necessary to reclaim its assets.
https://sputnikglobe.com/20231129/using-frozen-russian-assets-to-fund-ukraine-threatens-euros-reputation---ecb-1115278704.html
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Taxable Profit From Frozen Russian Assets Estimated at Over $16Bln in 4 Years - Reports
MOSCOW (Sputnik) - The European Commission estimates that taxable profits from Russia's frozen assets will be over 15 billion euros ($16.2 billion) over the next four years, Bloomberg reported on Tuesday, citing a draft document it has seen.
Later in the day, the European Union is expected to propose a new plan to apply a windfall tax to the profits generated by the frozen Russian central bank
assets, aiming to use the funds for the future reconstruction of Ukraine, the report said.
The plan includes several steps, such as identifying assets to which the measure can be applied, deducting expenses and national taxes, and accounting for the resulting profits in accordance with statutory capital and risk management requirements, the media outlet said. After that, the profits can be transferred to the EU budget, it added.
The plan also includes measures to protect financial institutions holding the assets from legal risks and Russia's potential countermeasures, the report said.
On Monday, European Commission spokesman Eric Mamer said the commission was preparing to adopt a proposal to immobilize revenues from assets of the Russian Central Bank at a meeting on December 12.
29 November 2023, 11:09 GMT
Most of the frozen Russian assets are held at the Belgium-based Euroclear central securities depository, with profits generated from them since the time they were sanctioned amounting to almost 3 billion euros, Bloomberg said in late November. Belgium reportedly said that it would invest 1.7 billion euros in the reconstruction of Ukraine next year.
After the start of Russia's military operation in Ukraine on February 24, 2022, Western countries imposed comprehensive sanctions against Moscow, including freezing Russian assets worth approximately 300 billion euros. The EU has been discussing a legal framework that would allow for the confiscation of assets of Russian citizens and entities accused of violating EU sanctions. Russia argues that any attempt by the EU to confiscate frozen assets would violate international law. Kremlin spokesman Dmitry Peskov told Sputnik that Russia would do everything necessary to reclaim its assets.
