The ambassadors of the European Union agreed on what to do with the profits from the frozen assets of Russia.
This was reported by the press service of the Belgian Presidency of the Council of the European Union.
The money will be used to support the recovery of Ukraine and defense aid.
The European Union has prepared legislation that will allow the transfer of profits from frozen Russian sovereign assets to Ukraine already in July. This would allow an estimated €3 billion a year to be used to finance weapons. We are talking about profits received after February 15, 2024.
Later, the president of the European Commission Ursula von der Leyen confirmed that Ukraine can receive the first billion euros from the profits from frozen Russian assets as early as July 1 of this year.
- 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.