The EC approves a plan for the use of the Russian Federation’s frozen assets for Ukraine’s benefit.

As a high-ranking EU official told journalists at a closed briefing, the European Commission will not publish the proposal but will submit it to the European Council for study and decision-making.

The EU’s proposal stems from a situation in which central depositories were forced to deposit a portion of these assets after the Russian Central Bank’s assets were immobilized in European countries, which generated significant profits for these banks.

As a result, the EC decided that these revenues should be used to help rebuild Ukraine. But this is a long-term goal, and now the European Commission has focused on separating the income from Russian assets and securing them. Although the official refrained from specific income estimates from these assets, the EU plans to attract €15B in aid for Ukraine, according to the FT.