EU agrees to use frozen Russian assets for Ukraine’s defence

Under the agreement, 90 per cent of the profits from these assets will be allocated to the European Peace Facility, an EU-run fund that provides Ukraine with military aid.

News Agency of Nigeria • May 21, 2024

European Union

On Tuesday, the EU announced that ministers from member states agreed to use proceeds from the Central Bank of Russia’s (CBR) frozen assets to support Ukraine’s military efforts.

Under the agreement, 90 per cent of the profits from these assets will be allocated to the European Peace Facility, an EU-run fund that provides Ukraine with military aid.

The remaining 10 per cent will bolster Ukraine’s defence industry capacities and reconstruction needs.

“Up to €3 billion ($3.26 billion) this year alone, 90 per cent goes for Ukraine’s military,” Czech Foreign Minister Jan Lipavsky stated on social media platform X.

According to the council’s data, around €260 billion in CBR assets have been immobilised in securities and cash across the jurisdictions of the G7 partners, the EU, and Australia.

Meanwhile, over two-thirds of these frozen assets were held within the EU.

(Xinhua/NAN)

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