BRUSSELS (AP) — European Union countries announced on Tuesday that they have reached an agreement to use the profits earned from frozen Russian assets to provide military support to Ukraine and help rebuild the war-torn country.
The 27-nation EU is holding around 210 billion euros ($225 billion) in Russian central bank assets, most of it frozen in Belgium, in retaliation for Moscow’s war against Ukraine. It estimates that the interest on that money could provide around 3 billion euros ($3.3 billion) each year.
Ukraine is desperate to obtain weapons and ammunition as Russia presses its military advantage.
EU headquarters said that 90% of the money would be put into a special fund known as the European Peace Facility that many EU countries already use to get reimbursed for arms and ammunition they send to Ukraine.
The other 10% would be put into the EU budget. The programs that this money funds would help to bolster Ukraine’s defense industry or to help with reconstruction, should some countries object to their share being used for military purposes.
A small group of member states, notably Hungary, refuse to supply weapons to Ukraine.
Officials have said that a first tranche of the funds could be available in July.
Germany and Real Madrid great Toni Kroos to retire after Euro 2024
Event to promote love of reading to be held in Kunming
Hayao Miyazaki's animated fantasy stays atop Chinese box office
Emily Ratajkowski bares her toned tummy in a white tube top as she strolls NYC with her dog Colombo
Wayne Bennett, at 74, signs a 3
Kesha changes Diddy lyrics in her hit song TiK ToK during Coachella set with Renee Rapp
Project renovating old residences revitalizes ancient city
China urges Philippines to stop provocations in South China Sea
Seoul AI summit opens with companies including Google, Meta, OpenAI pledging to develop AI safely
Donald Glover set to debut new Childish Gambino music on upcoming livestream
Landmark Paris trial of Syrian officials accused of torturing, killing a father and his son starts
Myanmar junta soldiers surrender in ethnic army’s first Tanintharyi win — Radio Free Asia