Billions of dollars sourced from Russian cash proceeds will be given to Ukraine's military after milestone EU ruling.
The European Union on Tuesday approved a plan to hand Ukraine the profits generated by frozen Russian central bank assets.Czech Foreign Minister Jan Lipavsky said the move will hand Ukraine up to €3 billion this year.'We have approved in the EU using revenues from Russia's central bank's frozen assets to help Ukraine,' wrote Lipavsky on X, formerly Twitter. 'Up to €3B only this year, 90% goes for Ukraine's military. Russia must pay for its war damages.
The financial assets were frozen shortly after Russia launched a full-scale invasion of Ukraine in February 2022.What We KnowReuters reported this month that the EU has estimated that by 2027, windfall profits from Russia's central bank assets frozen in the world's largest trading bloc could reach €20 billion . The frozen assets have been gaining a huge amount of interest because they are stuck.More than two-thirds of Russia's frozen sovereign assets are stashed in the EU.
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