EU unites: Billions from frozen Russian assets allocated for Ukraine’s rebuilding

EU member states unanimously decide to allocate billions from frozen Russian central bank assets to support the reconstruction of Ukraine

European Union member states on Monday unanimously agreed to set aside billions of euros of windfall profits from Russian central bank assets frozen in Europe for the future reconstruction of Ukraine.

The tentative agreement, reached late Monday, awaits formal approval but is considered a crucial initial move toward utilizing a portion of the $216 billion held in Russian central bank assets within the EU to aid in Ukraine’s recovery from the destruction caused by Russia.

The anonymous official, citing the agreement’s pending legal ratification, revealed that the EU “would allow to start collecting the extraordinary revenues generated from the frozen assets … to support the reconstruction of Ukraine.”

The urgency arises from Ukraine’s current financial struggles, with aid plans from the EU and the U.S. facing delays due to political considerations, including concerns about whether allies will maintain their support for Ukraine at the same pace as in the initial two years of the conflict.

EU leaders are set to convene on Thursday with the aim of approving a $54 billion support package for Ukraine. However, this proposal faces opposition, primarily from Hungarian Prime Minister Viktor Orban.

Source: Newsroom

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