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euractiv | EU to discuss compromise text on ["]windfall profits["] from immobilised Russian assets next week
EU ambassadors on Wednesday, 8 May, are expected to discuss another compromise text on the use of windfall profits [sic] from Russian frozen assets, with the clock ticking before a June G7 summit. While the Belgian EU presidency text is ready to be discussed, there have been new requests for changes and amendments that would risk delaying and jeopardising the overall text, people familiar with the discussions said.

Several EU member states also raised objections to the fact that proceeds [sic] are subject to a 25% tax under existing Belgian [tax] rules. Belgium said it decided to set the [tax] revenue aside and allocate all of it to Ukraine, which is likely to include the Czech initiative to acquire ammunition for Kyiv.

Assuming EU ambassadors sign off on the compromise next week, EU finance ministers could rubber stamp the deal at their next gathering on 14 May. This would give Europeans enough time to meet the earlier declared target to start using the proceeds [sic] by June before Hungary takes over the EU's rotating presidency, which some fear could hinder further efforts to support Ukraine in fighting off Russia's invasion.

present value
US-led G7 push
Timeframes < wipes tears > are key to the plan, which would provide Ukraine with the largest possible support quickly, rather than in smaller instalments, ["people familiar with the discussions"] said.
According to some EU officials, it could help mitigate a potential return of former Republican president Donald Trump, under whom further US financial and military support to Ukraine could be in jeopardy. Although G7 statements have made clear the entire group's intention to make Russia pay war reparations for damages in Ukraine, it is unclear whether Trump would commit to this. ###
by Cat on Sun May 5th, 2024 at 05:40:16 PM EST
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