Frozen Russian Central Bank Assets Targeted by EU in New Tax Plan
- The plan would tax profits on blocked central bank assets
- Questions remain if the plan would stand up to legal scrutiny
Damaged residential buildings following a Russian missile strike in Chasiv Yar, Ukraine.
Photographer: Dimitar Dilkoff/Getty ImagesThis article is for subscribers only.
European Union leaders are backing plans that would impose a windfall tax on profits generated by more than €200 billion ($217 billion) of Russian central bank assets to aid Ukraine’s reconstruction, and will seek the political support of key Group of Seven countries.
During a summit in Brussels Thursday, EU leaders supported cautiously exploring the windfall option despite the range of complex issues regarding how to use the sanctioned assets, according to people familiar with the talks.