EU isolates frozen Russian central bank interest

European leaders are divided over using Bank of Russia assets to fund Ukraine’s defence

Bank of Russia
The Bank of Russia
Photo: Kuba/Wikimedia Commons

The European Union’s governments have ordered central securities depositories to put the interest on Russian central bank assets into special accounts. 

The move, ordered on February 12, applies to all institutions holding more than $1 million in frozen Bank of Russia assets, and bars them from using the profits. 

The order could be a first step toward using the interest to fund Ukraine’s defence spending, a move strongly backed by some EU governments. In September, EU lawyers suggested isolating

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