E.U. countries agree on plan to transfer profits from frozen Russian assets to Ukraine

E.U. countries have agreed on a plan by the European Commission to transfer the profits from frozen Russian assets to a special fund which can be used to rebuild Ukraine in the future, reports The Financial Times.

The decision was unanimously adopted at a meeting of E.U. Permanent Representatives and is to be formalized in the coming weeks.

According to the agreement, profits from the investment of frozen assets in the Euroclear depository will be recorded separately and will not be distributed to shareholders. The profits will then be transferred to a special E.U. fund for targeted support to Ukraine. All E.U. countries will have to unanimously agree on the decision to make the transfer.

The draft agreement emphasizes that such a mechanism would be “consistent with treaty obligations, as well as E.U. and international law.”