The European Union is finalizing legislation to allow Ukraine to begin receiving funds generated from frozen Russian sovereign assets by July. This plan involves imposing a windfall tax on the profits from these immobilized assets, estimated to channel around EUR 3 bln per year into supporting Ukraine’s defense capabilities and industry. Over EUR 260 bln of the Russian central bank’s assets, predominantly in securities and cash, have been frozen globally, with the majority within the EU, due to coordinated actions by the G7, the EU, and Australia.