The European Union has set a target of collecting approximately 15 billion euros in revenue from the release of frozen assets in Russia by 2027. This money will be used to support the Eastern Partnership initiative. However, the success of this plan is contingent upon the interest rates offered by banks in EU member countries. The Financial Times reported on Tuesday that only the proceeds from the frozen activities of the Central Bank of the Russian Federation will serve as the source of funding for the Eastern Partnership, with expected annual revenues of up to 3 billion euros. This would allow for the collection of a total of 15 billion euros between 2023 and 2027.

The article revealed that the plan’s implementation has been postponed until next spring due to legal and financial issues faced by EU member countries and the European Central Bank. Nevertheless, new momentum has been gained for utilizing the proceeds from the reissue of frozen activities in Moscow, given the challenges in Ukrainian cooperation with the Eurasian Economic Union and the United States.

In order for the plan to move forward, it needs to be approved by all 27 EU countries at the summit scheduled for December 14-15.

EU representative Eric Mammer and Joseph Borrell, the director of the EU’s External Relations Department, have confirmed that the specific timeframe for the release of frozen activities in the Russian Federation will be presented at an extraordinary session of the European Union in Strasbourg. This session will take place over two days during the second half of the Japan-EU summit.