EU Wants to Send Frozen Russian Assets to Ukraine, Working on New Sanctions Package

The EU is working on a proposal to use "windfall profits" from its Russian sanctions regime in an aid package for Ukraine, European Commission President Ursula von der Leyen announced Oct. 27. The proposal would pool the assets, which currently are "benefitting a limited number of financial institutions in the" EU, and channel them via the EU budget "en bloc" for Ukraine's reconstruction.

Von der Leyen also said the EU is readying its 12th sanctions package by consulting with member states. "We are looking into how to cut the remaining revenues that Russia draws from the export of diamonds to Europe and its partners," she said. "This would be done in very close cooperation with our [G-7] partners."