The agenda of the European Union: the currencies of Russia…

Dana Spinant, one of the spokespersons for the EU Commission, made statements about the frozen Russian assets at the daily press conference held in Brussels.

Emphasizing that the Russian assets frozen due to the war are an important issue for the EU, Spinant said: “Work continues on this issue.” saying.

Christian Wigand, spokesman for the EU Commission, also recalled that the leaders of the EU member states discussed the issue at the summit held on June 29 and stated that the investigation into a phased approach on Russian assets continues.

Noting that the Commission sent a document to Spain, the EU’s temporary president, last month, Wigand said: “We are ready to present a legal proposal, taking into account negotiations with member states.” He used the phrase.

Wigand noted that they had intensive discussions with the G7 countries on the assets in question, stressing the importance of coordinating this initiative internationally.

THE LEGAL AND FINANCIAL DIMENSIONS ARE DISCUSSED

The Western countries had decided to freeze in the Central Bank of Russia about 300 billion euros in total, of which 200 billion euros corresponded to members of the EU.

Around 30 billion euros belonging to Russian individuals and companies in Europe were also frozen.

At this stage, the legal and financial aspects of the frozen assets and the use of proceeds from these assets without the consent of the owner are discussed.

Most of the Russian central bank reserves frozen by the EU are held by Euroclear, a Belgium-based securities custody and clearing service.

Euroclear’s assets on its balance sheet are claimed to have increased rapidly due to frozen assets and it provides a large amount of interest income. The EU plan is expected to introduce a special tax on windfall interest income from Euroclear’s related Russian assets.

The ECB warned the EU Commission about the frozen assets of the Russian Central Bank in June. The ECB highlighted the sensitivity that the confiscation of Russian assets or their proceeds could undermine the position of the euro as a global currency and financial stability.

Noting that other central banks with large foreign exchange reserves could exit the euro, especially if the EU acts unilaterally, the ECB said euro-denominated assets could be withdrawn and funding costs for European countries could rise.