The European Union this week cashed in about $1.9 billion in windfall profits generated by the interest on the cash balances of immobilized assets of the Central Bank of Russia held by EU central securities depositories.
“Russia must pay for the destruction it has caused. We are using the proceeds from the immobilized Russian assets to make sure it does,” European Commission President Ursula von der Leyen said in a statement. “This will support Ukraine’s continued resistance against Russia’s illegal war.”
The European Union has frozen more than $247 billion in Russian central bank reserves. While the assets themselves remain immobilized, the EU said the interest on the cash balances does not belong to Russia.
“The Council decided that these net profits should be used to support Ukraine,” officials said.
On Wednesday, EU officials said Russia must be held responsible for the destruction it caused in Ukraine after a wave of drone and missile strikes on Kyiv killed at least 17 people and injured more than 40 others.
The overnight attack lasted about two hours, with targets that included a brewing company, construction materials warehouses, and a mail sorting office that officials in Kyiv said had no military role in the conflict between Ukraine and Russia.
“Once again, we wake up to the news of horrible atrocities by Russia through its aerial attacks on Ukraine,” Ms. von der Leyen posted on X.
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