Espreso. Global

EU ambassadors agree to use proceeds from Russian assets to support Ukraine

8 May, 2024 Wednesday
20:21

EU ambassadors have agreed to use the revenues of frozen Russian assets to rebuild Ukraine and defend it from the aggressor

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This was reported by the Belgian presidency of the EU Council.

"EU ambassadors agreed in principle on measures concerning extraordinary revenues stemming from Russia’s immobilized assets," the statement said.

It is worth noting that about €260 billion of the assets of the Russian central bank were frozen in the form of securities and cash in the jurisdictions of the G7 countries, the EU, and Australia.

What is known about the confiscation of Russian assets

Europe holds €191 billion of Russia's €260 billion of frozen foreign assets, which generated €4.4 billion in profit in 2023, and is to be transferred to Ukraine.

On February 12, the EU Council decided to regulate the future mechanism for using revenue from frozen Russian assets in the EU for the benefit of Ukraine.

On May 7, German Chancellor Olaf Scholz supported the idea of spending about 90% of the proceeds from frozen Russian assets on Ukraine's defense needs.

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