EU Unveils Plans to Allocate Profits from Frozen Russian Assets to Ukraine’s Military Aid and Recovery Efforts

The European Union member states have reached a significant agreement to allocate profits generated by Russian assets frozen in Europe to military aid and the recovery of Ukraine. This decision reflects a unified effort by the EU to stand behind Ukraine as it continues to face Russian aggression in the east of the country.

The Belgian Presidency of the Council of the EU announced this agreement, which was made at the ambassadorial level. Plans are underway to start channeling around 3 billion euros from immobilized Russian assets from July onwards, with a focus on supporting Ukraine’s efforts against Russian aggression and its recovery process.

This initiative follows a proposal made earlier this year by the High Representative of the European Union for Foreign Policy, Josep Borrell, who advocated for using available resources to support Ukraine in its ongoing conflict with Russia. By allocating profits generated by frozen Russian assets to Ukraine, EU member states aim to provide much-needed assistance and support to the country as it continues to face challenges in the region.

Overall, this agreement represents a concrete action taken by EU member states in response to ongoing tensions with Russia and their commitment to standing behind Ukraine in its struggle against interference.