European Union officials will begin meetings with member states this week to outline the bloc’s plan to impose a tax on profits from more than €200 billion ($215 billion) of frozen Russian central bank assets to help Ukraine.
The European Commission, the EU’s executive arm, will propose how to legally transfer revenue being generated by the assets to the bloc’s budget, according to a draft paper on the process.
Russian central bank assets immobilized in the EU are expected to generate about €3 billion in windfall profits.
More than half of the assets are cash and deposits, and much of the remainder are securities that will turn into cash as they mature over the next two to three years.