EU approves use of frozen Russian assets to support Ukraine

The New Voice of Ukraine
·1 min read
EU
EU

The Council of the European Union has approved using income from frozen assets of the Russian Central Bank for the benefit of Ukraine, the Czech Permanent Representation to the EU reported on X on May 21.

The annual revenue is projected to be approximately EUR 2.5-3 billion ($2.7-3.3 billion), with ninety percent of these funds earmarked for military uses to bolster Ukraine's defense.

Confiscation of Russian Assets

The U.S. Senate Foreign Relations Committee approved a bill that would help to confiscate Russian assets and transfer them to Ukraine to rebuild its infrastructure on Jan. 24.

Read also: Former Ukrainian PM calls for full transfer of frozen Russian assets to Ukraine

Before that, U.S. Secretary of State Antony Blinken said that his country, together with the EU, was considering legal authority to direct $300 billion in Russian assets to Ukraine's reconstruction and other needs.

Ukrainian President Volodymyr Zelenskyy said that outlines of decisions necessary to transfer frozen Russian assets to Ukraine are already being prepared.

Bill No. 8038 on the transfer of frozen Russian assets to Ukraine received the required number of votes to be passed by the U.S. House of Representatives on April 20.

Ukraine may receive almost eight billion dollars as part of this procedure. This bill must now be approved by the U.S. Senate.

EU ambassadors have reached a preliminary agreement on May 8 to direct revenue generated by frozen Russian assets toward supporting Ukraine.

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