The EU approved the use of revenues from frozen Russian assets to help Ukraine — 90% for the Armed Forces

The member states of the European Union have approved a plan for using profits from frozen Russian assets. The money will go to rebuilding Ukraine and military aid.

This was reported by the Minister of Foreign Affairs of the Czech Republic Jan Lipavskyi.

This means that during the year Ukraine will receive up to €3 billion, and 90% of the amount will go to the Ukrainian Armed Forces.

"We approved in the EU the use of revenues from the frozen assets of the Central Bank of Russia to help Ukraine [...] Russia must compensate for the losses caused by the war," the minister wrote.

The Council of the EU confirmed the agreement on the use of proceeds from the frozen assets of the Russian Federation.

The European Unionʼs plan envisages that the net profit from the frozen Russian assets, which the European depository Euroclear received starting from February 15, will be transferred to Ukraine.

The income received by February 15 will be retained by Euroclear to settle any risks, including lawsuits by Russia.

• The value of frozen Russian sovereign assets in the EU is almost €211 billion. In total, the European Union, the G7 countries and Australia have frozen approximately €260 billion in securities and cash.
• The European Union even earlier prepared legislation that will allow Ukraine to transfer profits from frozen Russian sovereign assets already in July.