EU moves towards using €27bn in profit from frozen Russian assets for Ukraine

About $300bn belonging to the Russian central bank has been frozen in the west, largely in foreign currency, gold and government bonds. 

Ukrainian President Volodymyr Zelenskyy speaks during a press conference. Picture: AP Photo/Efrem Lukatsky

EU leaders are to take a significant step towards confiscating €27bn in profit generated by Russian state assets frozen in Europe to help fund the war effort in Ukraine.

Officials at the European Commission are poised to put forward what they believe is a legally robust proposal to be considered by member states, possibly before a meeting of prime ministers in Brussels next Thursday.