Representatives of the EU countries have tentatively agreed on the use of proceeds from Russian assets to provide military aid to Ukraine, the Belgian presidency of the Council of the EU has said.
Under the plan agreed by EU ambassadors on Wednesday, most of the revenue raised from 15 February will be transferred to the European Peace Fund, a mechanism that reimburses arms deliveries to Kyiv, and to the EU budget fund for Ukraine.
The presidency said in a statement on X:
EU ambassadors agreed in principle on measures concerning extraordinary revenues stemming from Russia’s immobilised assets. The money will serve to support #Ukraine’s recovery and military defence in the context of the Russian aggression.
According to Euroclear’s financial results for the first quarter, some 159 billion euros of frozen Russian assets have generated a net gain of 557 million euros ($601 million) since that date.
Earlier, German Chancellor Olaf Scholz reported that there is a consensus in the EU on the use of profits from Russian assets.
