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On May 8, EU ambassadors agreed on sending the windfall profits from Russia’s frozen assets in Europe, 90% of which will provide military assistance.
“The money will serve to support Ukraine’s recovery and military defence in the context of the Russian aggression,” wrote Belgian Presidency of the Council of the EU on X.
“There could be no stronger symbol and no greater use for that money than to make Ukraine and all of Europe a safer place to live,” Ursula von der Leyen, the European Commission President, responded to the decision.
Valdis Dombrovskis also welcomed the news and said that the first tranche should be promptly sent to Ukraine by this summer. He added that “Russia will pay directly for its crimes”.
Next meeting of the EU ambassadors will take place on May 14, there, an actual deal could emerge.
The frozen Russian assets in Europe are estimated to be worth around €210 billion. The profits could reach €3 billion per year. EU leaders agree that 90% of them must be used to provide military equipment to Ukraine, the other 10% could be contributed to Ukraine’s reconstruction. Now, the funds are held in Euroclear, a Belgium-based clearing house.
The EU, however, is still afraid to use the actual assets as there have been no legal precedents and the financial stability in Europe is at risk.
Read also: EU may launch first sanctions against Russian natural gas industry after more than 2 years of war
