Maps
Magazine

WORLD NEWS

EU Ambassadors Agree to Allocate Frozen Russian Assets for Ukraine's Defence
"EU ambassadors decide to allocate windfall profits from frozen Russian assets for Ukraine's defence, with 90% earmarked for military aid and 10% for other support.
ND
by News Desk
2024-05-09
EU Ambassadors Agree to Allocate Frozen Russian Assets for Ukraine's Defence

In a significant move aimed at bolstering Ukraine's defence capabilities, ambassadors from European Union countries have reached a consensus to allocate windfall profits from frozen Russian central bank assets for military aid. The decision, announced by the Belgian government, awaits final approval from EU ministers.

Under the agreement, 90% of the proceeds will be channeled into an EU-managed fund dedicated to military assistance for Ukraine, while the remaining 10% will be directed towards supporting Kyiv in other areas. This decision follows prolonged discussions among EU member states regarding the utilization of funds frozen in response to Russia's invasion of Ukraine in 2022.

The Group of Seven (G7) nations collectively froze approximately $300 billion worth of Russian financial assets in the aftermath of Moscow's aggression. While the United States advocated for seizing the assets entirely, European leaders expressed concerns over potential risks to the euro and the prospect of extensive legal ramifications. The proposal to use the assets as collateral for providing loans to Ukraine also garnered attention in recent deliberations.

European Commission President Ursula von der Leyen hailed the decision as a significant step towards enhancing security in Ukraine and across Europe. However, Russian officials have issued stern warnings against accessing the frozen assets, threatening severe consequences and legal challenges.

As part of the agreement, EU countries refraining from supplying arms to Ukraine, such as neutral Austria, will abstain from the vote to allocate 90% of the funds for military aid. Austria emphasized its position as a militarily neutral state, reiterating its stance against funding or supplying lethal materials to Ukraine.

The allocation of frozen assets for Ukraine's defence underscores the EU's commitment to supporting the country's sovereignty and territorial integrity in the face of ongoing aggression from Russia. The decision reflects a collective effort among European nations to address security challenges and promote stability in the region.
Tagged:

Ukraine

EU

RussianAggression
Share News: