The member states of the European Union have come to an agreement on how to allocate the profits made from Russian assets frozen in Europe. This agreement will see the profits being used for military aid and the recovery of Ukraine, in order to support the country against Russian aggression in the east.
The Belgian Presidency of the Council of the EU announced the agreement on social media, stating that the benefits generated by the assets of the Central Bank of Russia will be used to support Ukraine. This initiative follows a proposal made by Josep Borrell, the High Representative of the European Union for Foreign Policy, back in March. The proposal suggested using around 3,000 million euros generated from the immobilized Russian assets, with plans to start allocating them from the month of July.
This agreement marks another step in supporting Ukraine in their struggle against Russian aggression. The EU member states have come together to take action and provide assistance to Ukraine during this challenging time. By using the profits generated from the frozen Russian assets, the EU aims to make a positive impact in Ukraine by aiding in their recovery and supporting their military efforts.