Following Russia’s illegal invasion of Ukraine, it is estimated that more than €200 billion of immobilised assets of the Central Bank of Russia are now held in the EU as a result of sanctions.
Ireland has been very clear that Russia must be held accountable for the appalling damage caused by its actions. In that context, we have welcomed the recent agreement at EU level to use the extraordinary revenue generated from these assets in order to provide direct support for Ukraine.
Based on Ukraine’s needs, it is anticipated that most of the available net revenue will be channelled through the European Peace Facility and used for military support, while a further proportion of the revenue will be channelled through the EU budget, to help meet reconstruction and other costs.
For our part, Ireland constructively abstained from the relevant Council Decision relating to the financial contribution to the provision of military support through the European Peace Facility. During the negotiations, we also ensured that the funds allocated to the European Peace Facility will specifically take into account the security and defence policies of all Member States.
It should be noted that as Irish institutions do not hold any assets of the Central Bank of Russia, no such assets have been immobilised by Ireland.
