EU moves closer to using Russian assets for Ukraine aid

EU and Ukrainian flags in Brussels
EU and Ukrainian flags in Brussels

EU ambassadors have reached a preliminary agreement to direct revenue generated by frozen Russian assets toward supporting Ukraine, the Belgian presidency of the Council of the EU announced via Twitter on May 8.

“The money will serve to support Ukraine’s recovery and military defense in the context of the Russian aggression,” the message said.

According to AFP news agency, around EUR 200 billion ($215 billion) in assets of the Russian Central Bank remain frozen in EU countries. Under the current proposal, 90% of the income they generate will finance arms purchases for Kyiv.

About 70% of all Western-frozen Russian assets are held by Euroclear, a securities repository in Belgium.

Read also: Frozen Russian assets may help Ukraine wage war four more years - Reuters

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