Executive Vice-President of the European Commission Valdis Dombrovskis announced the European Commission's intention to discuss with EU member states the use of immobilised assets of the Russian Federation in the interests of Ukraine.

"After the Council [of the EU] unanimously adopted our windfall profits proposal, we have the legal clarity and conditions to allow the use of these revenues to support Ukraine. We are fully committed to moving forward with the next step, to allow redirecting these revenues to the EU budget for the benefit of Ukraine. This will now be discussed with Member States," Dombrovskis said at a press conference in Brussels on Tuesday after a meeting of the EU Economic and Financial Affairs Council (ECOFIN).

He also said that he had just returned from a trip to Kyiv, where he discussed the situation with EU support for Ukraine.

"The Ukraine Facility entered into force at the start of this month, which paves the way for a EUR 4.5 billion payment of bridge financing, foreseen later this month – and we expect to make another EUR 1.5 billion payment in April," the Vice-President of the European Commission said.

According to him, the European Commission intends to "help reduce Ukraine's financing gap, with stable and predictable EU payments through to 2027."

The Council of the EU announced on February 12 its decision clarifying the obligations of Central Securities Depositories (CSD) holding assets and reserves of the Central Bank of Russia (CBR) that are immobilised as consequence of EU's restrictive measures.

"This decision paves the way for the Council to decide on a possible establishment of a financial contribution to the EU budget raised on these net profits to support Ukraine," Council of the EU said in the press release then.