On Tuesday, May 21, the Minister of Foreign Affairs of the Czech Republic, Jan Lipavsky, announced that the member states of the European Union have agreed on a plan for the use of profits from frozen Russian assets. This money will go to military aid and reconstruction of Ukraine, reports Babel.
This was announced by the Minister of Foreign Affairs of the Czech Republic, Jan Lipavsky, on the X social network (Twitter).
This means that during the year Ukraine will receive up to 3 billion euros, and 90% of this amount will go to the Armed Forces of Ukraine.
“We have approved in the EU using revenues from Russia’s central bank’s frozen assets to help Ukraine. Up to €3B only this year, 90% goes for Ukraine’s military. Russia must pay for its war damages”, — the minister wrote.
The Council of the European Union also confirmed the agreement on the use of proceeds from the frozen assets of the Russian Federation, the Permanent Mission of the Czech Republic to the EU reported.
The European Union’s plan provides that Ukraine will be transferred the net profit from the frozen Russian assets of the Central Bank of the Russian Federation, which the European depository Euroclear has received since February 15.
In addition, it is important to note that the income received by February 15 will be retained by the European depository Euroclear for settlement of any risks, as well as for lawsuits against Russia.
In total, the value of frozen Russian sovereign assets in the European Union is almost €211 billion. The European Union, the G7 countries, and Australia have frozen approximately €260 billion in securities and cash.
