The President of the European Commission, Ursula von der Leyen, promised to present it before the “summer vacation” at the Conference on the Reconstruction of Ukraine in London. She noted that on June 20, the European Commission proposed the creation of a specific €50B instrument over the next four years to support Ukraine’s recovery, reconstruction, and modernization. It will be financed by grants from the EU budget, loans raised on capital markets, and proceeds from frozen Russian assets.
In the meantime, the EC is negotiating with EU member states regarding the possibility of transferring accumulated interest to Ukraine from frozen Russian assets stored in Euroclear depository accounts. These assets total €200B, of which €180B belong to the Central Bank of the Russian Federation. This money generates income through coupon payments and redemptions, which Euroclear reinvests, and these funds will be given to Ukraine.