The EU is progressing with a proposal to tax profits from over EUR 200 bln of frozen Russian central bank assets to support Ukraine’s reconstruction. However, this initiative has sparked division within the EU. Countries like Belgium, Germany, France, Italy, and Luxembourg have expressed concerns about accelerating the process. Profits from sanctioned Russian assets at Euroclear, frozen since the sanctions’ imposition, have already generated nearly EUR 3 bln through Q3 2023, with expectations for further increases.