EU decision to use earnings from Russian assets for Ukraine violates international rules: Kremlin

By Emre Gurkan Abay

MOSCOW (AA) – The EU's decision to use earnings from Russian assets for Ukraine violates international rules, Kremlin spokesman Dmitry Peskov said on Wednesday.

All of these revenues belong to Russia, and their transferring them for other purposes violates all of the rules and norms of the international financial system, he said at a press conference in the capital Moscow.

Peskov said the EU took a "cautious" decision, approving a mitigated decision because they understand the potential danger of such decisions and their consequences.

Describing the decision on Russian assets as an "expropriation," he said Russia will closely monitor how it is implemented.

Moscow is also working on a response to this issue, he added.

The EU Council announced on Tuesday that the plan for Russia's extraordinary revenues from frozen assets had been adopted by the member states.

Accordingly, profits from Russian assets will be used to support Ukraine's defense and reconstruction.

In this context, 90% of the profits will go to Ukraine's defense and military support through the European Peace Fund, while 10% will go to various reconstruction programs in the country.

Western countries have frozen about $300 billion worth of Russian assets after the Russian war on Ukraine began in February 2022.

*Writing by Gokhan Ergocun from Istanbul