EU Moves Forward on Plan to Tax Sanctioned Russian Assets
The Russian central bank assets immobilized in the EU are expected to generate some €3 billion in windfall profits.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
European Union officials will begin meeting with member states this week to outline the bloc’s plan on how to impose a windfall tax on profits generated by more than €200 billion ($215 billion) of frozen Russian central bank assets to aid Ukraine’s reconstruction.
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 seen by Bloomberg.