This Week in Finance — Brussels (#30, 2026)
Commission launches €5bn Scaleup Fund; €1.4bn revenue from Russian assets transferred to Ukraine; Malta's excessive deficit decision abrogated; EU updates restrictive measures for Libya; Ukraine Plan amended.
August 02, 2026 to August 08, 2026
Commission launches €5bn Scaleup Fund; €1.4bn revenue from Russian assets transferred to Ukraine; Malta's excessive deficit decision abrogated; EU updates restrictive measures for Libya; Ukraine Plan amended.
📋 In This Week's Newsletter
• 🇪🇺 European Commission
• ⚖️ EU Legislation
European Commission
EU receives €1.4 billion in revenue from immobilised Russian assets to support Ukraine
On 3 August, the European Union received €1.4 billion in windfall profits from interest on immobilised assets of the Central Bank of Russia held by Central Securities Depositories. This marks the fifth transfer of such profits, bringing total revenues generated since the asset immobilisation to €8 billion. The proceeds derive from assets frozen under EU sanctions responding to Russia's invasion of Ukraine. The cash balances generated by the immobilised assets do not belong to Russia, and under measures adopted by the Commission and the High Representative, confirmed by the Council, net profits are directed to support Ukraine. 95% of this tranche is channelled through the Ukraine Loan Cooperation Mechanism (ULCM) to help Ukraine service macro-financial loans; 5% is allocated via the European Peace Facility for military and defence needs. Regulation 2025/2600 under Article 122 TFEU forms the legal basis for prohibiting transfers of immobilised CBR assets back to Russia, as decided by Council in December 2025.
Scaleup Europe Fund to start making investments, targeting €5 billion for technology scaleups
The European Commission has completed legal steps to establish the Scaleup Europe Fund, which now begins direct investment in Europe's scaleup companies. The private equity firm EQT, selected through a competitive process, is appointed as investment manager and will act independently on market terms. The Fund, announced by President Ursula von der Leyen in the 2025 State of the Union, aims to mobilise €5 billion for high-potential firms in areas such as AI, quantum technologies, biotechnology, and clean technologies. First investments are expected within weeks, leveraging contributions from public and private partners including Novo Holdings, EIFO (Denmark), CriteriaCaixa, APG Asset Management, Allianz, and several foundation partners. The Fund integrates with the European Innovation Council Fund and is partly backed by Horizon Europe.
EU Legislation (Official Journal)
Commission Implementing Regulation (EU) 2026/1941 amends restrictive measures in Libya
Adopted on 7 August 2026, Commission Implementing Regulation (EU) 2026/1941 modifies Council Regulation (EU) 2016/44 to update the list of vessels subject to restrictive measures on Libya. The amendment follows the United Nations Security Council Sanctions Committee's decision on 22 July 2026 to add a vessel to Annex V. The Regulation prohibits listed vessels from transporting crude oil from Libya, accessing Union ports, or conducting financial transactions.
Council Implementing Decision (EU) 2026/1923 amends approval of the assessment of the Ukraine Plan
Council Implementing Decision (EU) 2026/1923, adopted on 30 July 2026 and published 7 August, updates Implementing Decision (EU) 2024/1447 to reflect amendments to the Ukraine Plan. The changes, following consultation with the Verkhovna Rada, affect deadlines, reform and investment steps, and integrate new steps justified by objective circumstances. The total number of steps increases to 173, with additional measures enhancing rule of law, anti-corruption efforts, and alignment with Union accession requirements.
Council Decision (EU) 2026/1783 abrogates excessive deficit decision for Malta
Council Decision (EU) 2026/1783, adopted 12 June and published 3 August 2026, abrogates Decision (EU) 2024/2128 regarding Malta's excessive deficit. The Council determined, based on Commission data, that Malta's deficit fell below the 3% of GDP threshold in 2025 and is projected to remain so in 2026 and 2027. The government debt-to-GDP ratio remains under 60%, concluding corrective measures under the Stability and Growth Pact.
