European Union diplomats in Brussels reached a consensus Wednesday to deploy frozen Russian state assets to assist Ukraine in its defense against Russia's ongoing invasion, Axios reported.
European Union diplomats in Brussels reached a consensus Wednesday to deploy frozen Russian state assets to assist Ukraine in its defense against Russia's ongoing invasion, Axios reported.Ukraine, now in its third year of defending against Russia's military superiority, is in dire need of additional financial and military support, with delays in U.S. aid having exacerbated ammunition shortages.
"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," said European Commission President Ursula von der Leyen.According to Reuters, under the plan, Ukraine will receive between $2.7-3.3 billion annually from interest generated by the frozen assets.
Neutral countries, such as Austria, Ireland, Malta, and Cyprus, can refrain from procuring weapons and instead choose to concentrate on offering humanitarian assistance, according to Politico. However, European officials have refrained from direct confiscation due to legal and financial risks. There are concerns that Moscow could retaliate by targeting Western assets in Russia or pursuing legal challenges.Last month, Congress passed legislation empowering President Joe Biden to seize Russian foreign exchange reserves in the U.S. under the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act.
Frozen Russian Assets Aid Ukraine Defense
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