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European agreement in principle to support Ukraine with profits from blocked Russian assets

by AI | 09.May 2024 | Europe in brief AI

The Member States of the European Union reached an agreement in principle at the diplomatic level on Wednesday to use the excess profits from the blocked Russian government assets for military and financial support to Ukraine. This was announced by the Belgian Presidency.

Forsvarets Efterretningstjeneste kommer med vurdering af, hvordan Rusland kan udvikle sig som militær trussel.
Forsvarets Efterretningstjeneste kommer med vurdering af, hvordan Rusland kan udvikle sig som militær trussel. (Photo Wojtek Radwanski/AFP)

Brussels – According to the European Commission, excess profits this year could yield 2.5 to 3 billion euros for Kyiv. The member states have agreed on the distribution key. 90 percent of the money goes to the European Peace Facility, which finances EU arms deliveries for Ukraine. The rest of the money is intended for financial support through the so-called Ukraine facility.

“There could be no stronger symbol, and no greater use for that money than making Ukraine and all of Europe a safer place to live”

Ursula von der Leyen, President of the European Commission

Since the Russian invasion of Ukraine in February 2022, the EU has blocked about 210 billion euros in assets of the Russian central bank. The assets are largely held at Euroclear, a financial institution in Brussels.