EU Aims to Unveil Plan to Tap Frozen Russian Assets Amid Doubts
- Commission plans to unveil windfall profit tax plan on Dec. 12
- ECB, some member states concerned about risks of proposal
The headquarters of Russia's central bank in Moscow.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
The European Union is moving ahead with a proposal to tax profits from more than €200 billion ($218 billion) of frozen Russian central bank assets to aid Ukraine’s reconstruction despite concerns from several member nations.
The European Commission tentatively plans to unveil its legislative proposal on Dec. 12 to impose a windfall tax on profits generated by the frozen assets. The draft plan would clarify that several issues raised by member states still need to be addressed and that the EU proposal won’t interfere with national taxes or other measures, according to a person familiar with the discussions.