Helena Lyng Blak
9 weeks ago

EU proposal to send revenue from frozen Russian assets to Ukraine

Billions would go to fund weapons.
Ukrainian and EU flag on a desk. Blurry man in the background.
Alexandros Michailidis / Shutterstock.com

The European Union’s policy chief, Josep Borrell, proposed that the EU should allocate the majority of profits from frozen Russian assets in Europe to help provide weapons for Ukraine.

According to Reuters, the EU plans to direct 90% of the money into a fund managed by the union that finances weapons. The remaining 10% would be used to bolster Ukraine’s defense industry.

Currently, the EU holds €200 billion in frozen Russian central bank assets, projected to generate about €3 billion each year in interest, as reported by the Los Angeles Times.

In March 2024, the union announced it would extend its sanctions, which target over 2,100 individuals and entities, including the freezing of assets, until September, after having expanded the scope of the sanctions in February.

The legislation was drafted following alleged pressure from US President Joe Biden at a recent G-7 summit. Currently, $60 billion of aid is pending in the US Congress.

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