"We are determined to act quickly" - EU Council President on frozen Russian assets
Kyiv • UNN
EU leaders have agreed to use money from frozen Russian assets to help Ukraine buy weapons, with the first €1 billion to be disbursed by July 1, reflecting the growing need due to the war in Ukraine.
The European Union may use the money from frozen Russian assets to help Ukraine buy weapons for Kyiv, EU leaders said on Thursday, March 22, Reuters reports UNN.
Details
The leaders of the bloc's 27 member states agreed at a summit in Brussels to continue working on a plan presented this week by the EU's executive body, the European Commission.
We are determined to act very quickly
The leaders' sense of urgency reflects growing anxiety about the war in Ukraine, as Kyiv's forces run out of ammunition and a $60 billion military aid package for Kyiv is stuck in the US Congress.
The President of the European Commission, Ursula von der Leyen, said that the first 1 billion euros from the scheme could be paid out as early as July 1.
It depends on us. It's in our hands, if we are quick, we will have concrete actions in the summer
The Commission has proposed to transfer 90% of the profits from frozen Russian assets to an EU fund used to finance weapons for Kyiv. The remaining 10% will be used for budgetary aid to Kyiv.
The Commission estimated that the profit on assets - various securities of the Russian central bank and cash - could range from 2.5 billion euros to 3 billion euros per year.
Michel and von der Leyen said that the idea of using the proceeds of frozen Russian assets to benefit Ukraine has broad support among EU governments. EU heavyweights Germany and France have expressed strong support for the plan.
