2024-05-23 17:20:40
EU member states have formally adopted a plan to make use of proceeds from Russian central financial institution belongings frozen within the EU to spend money on Ukraine’s protection, Reuters reported, citing the Belgian authorities.
EU ministers agreed “to make use of the extraordinary proceeds from frozen Russian belongings to assist the protection and reconstruction of Ukraine within the context of Russian aggression”, in line with the X profile of the Belgian authorities, which is chairing the talks between the EU international locations in Brussels .
The textual content had solely to obtain the formal approval of the ministers, after the settlement on this was already concluded at the start of the month. Based on the deal, 90% of the belongings will likely be transferred to an EU-run navy assist fund for Ukraine, with the remaining 10% earmarked for offering help to Kiev in different methods.
The EU expects the belongings to carry a revenue of round 15-20 billion euros by 2027. Ukraine is anticipated to obtain the primary assist package deal in July, European diplomats mentioned.
The G7 international locations froze about $300 billion in Russian belongings shortly after Moscow invaded in 2022. Since then, the EU and different G-7 international locations have been discussing how and whether or not to make use of the funds to assist Ukraine, writes BTA.
US Treasury Secretary Janet Yellen pressed the remainder of the G7 international locations this week to agree on a plan to make use of the funds to lend more cash to Ukraine.