International
EU countries agree to use profits from frozen Russian assets in defense of Ukraine
The ambassadors of the member states to the European Union (EU) reached an agreement on Wednesday in principle to use the benefits of frozen Russian assets to support “the recovery and military defense” of Ukraine in the face of Russia’s aggression.
“The EU ambassadors agreed in principle on measures on the extraordinary benefits of Russia’s fixed assets,” the Belgian presidency of the Council of the EU wrote in its profile of social network X.
He added that the money “will serve to support the recovery of Ukraine and military defense in the context of Russian aggression.”
The European Commission proposed last March to use the extraordinary benefits of Russian assets frozen by the sanctions in relation to the war in Ukraine, which amount to between 2.5 and 3 billion euros per year, to finance weapons and ammunition for that country mainly.
The first transfer of profits to help Ukraine defend itself against Russia is expected to take place in July.
Community sources detailed that 90% of the profits of fixed assets will go to the European Peace Support Fund (FEAP) for military support. The FEAP is an instrument through which EU countries co-finance the shipment of weapons to Ukraine since the beginning of the Russian invasion in February 2022.
The other 10% will go to the macro-financial aid package to Ukraine from the general budget of the European Union. This year, the community club agreed on an aid of 50 billion euros to Ukraine that is part of the revised community budget, covers the next four years until 2027 and is disbursed in the form of loans (33 billion euros) and grants (17 billion).
Most of the frozen Russian assets are deposited in Euroclear, a Brussels-based body that owns about 192 billion euros.
Belgium keeps a part of the profits of those securities in terms of corporate taxes, a fact that has been criticized by other Member States.
That country argues that it is a “general tax, not something that has been invented for Ukraine” and that part of what is collected serves precisely to help Kiev with its weapons needs and to support refugees.
The sources specified that the tax revenues generated in Belgium by those profits will continue to be allocated to Ukraine in its entirety.
The corporate tax is 25% in Belgium and applies to all companies, according to the sources, who insisted that it is impossible to eliminate it.
However, they recalled that in 2022 Belgium decided to allocate all those extraordinary corporate tax revenues to support Ukraine and that in 2023 they created a specific fund for it.
For the fiscal year of 2024, an amount of 1.7 billion euros of national corporate taxes is expected from immobilized Russian assets, of which about 1 billion have already been allocated to Ukraine.
The new legislation will apply to the remaining extraordinary benefits after this mandatory taxation, according to the sources.
The ambassadors of the Member States decided that the rate that Euroclear will charge for handling the assets will be 0.3%.
Some States such as Austria, Ireland, Malta and Cyprus are reluctant to buy weapons for Ukraine because of their policy of neutrality and Hungary has repeatedly said that it does not support the idea.
International
U.S. Senate Rejects Budget, Bringing Government Closer to Shutdown Amid DHS Dispute
The U.S. Senate voted on Thursday against a budget proposal in a move aimed at pressuring changes at the Department of Homeland Security (DHS), following the killing of two civilians during a deployment of immigration agents in Minneapolis.
All Senate Democrats and seven Republican lawmakers voted against the bill, which requires 60 votes to advance, pushing the country closer to a partial government shutdown that would cut funding for several agencies, including the Pentagon and the Department of Health.
The rejection came as Senate leaders and the White House continue negotiations on a separate funding package for DHS that would allow reforms to the agency. Proposed measures include banning Immigration and Customs Enforcement (ICE) agents from wearing face coverings and requiring them to use body-worn cameras during operations.
The vote took place just hours after President Donald Trump said he was “close” to reaching an agreement with Democrats and did not believe the federal government would face another shutdown, following last year’s record stoppage.
“I don’t think the Democrats want a shutdown either, so we’ll work in a bipartisan way to avoid it. Hopefully, there will be no government shutdown. We’re working on that right now,” Trump said during a Cabinet meeting at the White House.
International
Trump Says Putin Agreed to One-Week Halt in Attacks on Ukraine Amid Extreme Cold
U.S. President Donald Trump said on Thursday that he secured a commitment from Russian President Vladimir Putinto halt attacks against Ukraine for one week, citing extreme weather conditions affecting the region.
“Because of the extreme cold (…) I personally asked Putin not to attack Kyiv or other cities and towns for a week. And he agreed. He was very pleasant,” Trump said during a Cabinet meeting broadcast by the White House.
Trump acknowledged that several advisers had questioned the decision to make the call.
“A lot of people told me not to waste the call because they wouldn’t agree. And he accepted. And we’re very happy they did, because they don’t need missiles hitting their towns and cities,” the president said.
According to Trump, Ukrainian authorities reacted with surprise to the announcement but welcomed the possibility of a temporary ceasefire.
“It’s extraordinarily cold, record cold (…) They say they’ve never experienced cold like this,” he added.
Ukrainian President Volodymyr Zelensky later commented on the announcement, expressing hope that the agreement would be honored.
International
Storm Kristin Kills Five in Portugal, Leaves Nearly 500,000 Without Power
Storm Kristin, which battered Portugal with heavy rain and strong winds early Wednesday, has left at least five people dead, while nearly half a million residents remained without electricity as of Thursday, according to updated figures from authorities.
The revised death toll was confirmed to AFP by a spokesperson for the National Emergency and Civil Protection Authority (ANPEC). On Wednesday, the agency had reported four fatalities.
Meanwhile, E-Redes, the country’s electricity distribution network operator, said that around 450,000 customers were still without power, particularly in central Portugal.
Emergency services responded to approximately 1,500 incidents between midnight and 8:00 a.m. local time on Wednesday, as the storm caused widespread disruptions.
The Portuguese government described Kristin as an “extreme weather event” that inflicted significant damage across several regions of the country. At the height of the storm, as many as 850,000 households and institutions lost electricity during the early hours of Wednesday.
Several municipalities ordered the closure of schools, many of which remained shut on Thursday due to ongoing adverse conditions.
Ricardo Costa, regional deputy commander of the Leiria Fire Brigade, said residents continue to seek assistance as rainfall persists.
“Even though the rain is not extremely intense, it is causing extensive damage to homes,” he noted.
In Figueira da Foz, a coastal city in central Portugal, strong winds toppled a giant Ferris wheel, underscoring the severity of the storm.
U.S. Senate Rejects Budget, Bringing Government Closer to Shutdown Amid DHS Dispute
Trump Says Putin Agreed to One-Week Halt in Attacks on Ukraine Amid Extreme Cold
Storm Kristin Kills Five in Portugal, Leaves Nearly 500,000 Without Power
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