EU Approves Using Frozen Russian Assets to Fund Ukraine's Defense
European Union finalizes decision to allocate profits from immobilized Russian central bank assets, providing €3 billion for Ukraine's military and reconstruction.
- The EU will use interest from frozen Russian assets to support Ukraine, with 90% allocated to military needs.
- This decision could generate up to €3 billion annually, with the first funds available by July.
- The move follows extensive debates among EU and G7 countries on the legality and economic impact of using these assets.
- Belgium holds the majority of the frozen assets, amounting to around €192 billion.
- The EU and G7 continue to explore additional measures to maximize the use of the nearly €300 billion in frozen Russian assets.
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