Brussels agrees to send €3bn from frozen Russian assets to aid Ukraine

Brussels agrees to send €3bn from frozen Russian assets to aid Ukraine
# 08 May 2024 18:39 (UTC +04:00)

EU diplomats agreed Wednesday to use income from frozen Russian state assets to aid Ukraine – paving the way for the war-torn country to get around €3 bn for arms purchases and reconstruction before the summer, APA reports citing Euronews.

The deal was agreed “in principle” at a regular meeting of national representatives, according to a tweet by Belgium, currently chairing talks in the European Council.

Brussels has long touted using the interest from those funds, estimated at around €3bn per year, for Ukraine’s reconstruction costs – and later extended its plans to cover Kyiv’s military expenditure.

The plan – which also has backing from the group of seven leading industrialised democracies – comes as Ukraine hopes to turn the tide in an increasingly desperate military campaign, bolstered by €89bn recently agreed by the US Congress.

"I welcome today's political agreement on our proposal to use the proceeds from immobilised Russian assets for Ukraine. There could be no stronger symbol and no greater use for that money than to make Ukraine and all of Europe a safer place to live," President of the European Commission Ursula von der Leyen wrote on X about the agreement.

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