EU ambassadors have agreed on measures to utilize profits from frozen Russian assets within the EU, as reported by Belgium, the current EU presidency holder.
If implemented, Ukraine could receive approximately €3 billion ($3.3 billion) annually. However, Kyiv is pushing for the confiscation of the entire $210 billion sum.
???????? EU ambassadors agreed in principle on measures concerning extraordinary revenues stemming from Russia’s immobilised assets.
???? The money will serve to support #Ukraine's recovery and military defence in the context of the Russian aggression.
— Belgian Presidency of the Council of the EU 2024 (@EU2024BE) May 8, 2024
“The money will serve to support #Ukraine’s recovery and military defence in the context of the Russian aggression,” the statement on X/Twitter reads.
The decision still requires finalization by the Council of the European Union.
Previously, the European Commission suggested allocating 90% of the funds to purchase weapons for the Ukrainian Armed Forces, with the remaining 10% going towards the country’s reconstruction.
The exact revenue will depend on accounting rates, as the frozen Russian Central Bank assets are held in various EU countries and currencies. Western countries are also discussing the possibility of fully confiscating these assets, but no agreement has been reached yet.
During the EU summit in Brussels in March, EU leaders failed to reach a consensus on using the profits from frozen Russian assets to support Ukraine.
Read more:
- WSJ: Germany opposes seizing Russian assets, fearing WWII-era reparations
- US Treasury Secretary: Frozen Russian assets could aid Ukraine through various means
- US Congress paves the way for the confiscation of frozen Russian assets
- Politico: China, Saudi Arabia, and Indonesia lobby EU to protect €200B in Russian assets
- Four reasons the West should finally seize Russia’s frozen assets for Ukraine