European Union countries have unanimously agreed on a plan to allocate the profits derived from Russian sovereign assets, which are currently frozen, to aid Ukraine. This agreement, confirmed on Tuesday, could channel as much as €3 billion to Ukraine by the end of this year alone, focusing primarily on military support and reconstruction efforts.
Czech Foreign Minister Jan Lipavsky announced the decision via the X social media platform, stating, “Within the EU, today we decided to transfer the proceeds from the frozen assets of the Russian Central Bank to the benefit of Ukraine. For this year alone, it can be up to 74 billion crowns (€3 billion). 90% of the proceeds will go to military support. Russia must pay for the damage done by its war of aggression.”
Reports from the Luxemburg Times indicate that the G7 nations have immobilized approximately $280 billion (€257.55 billion) in assets since the onset of Russia’s war in Ukraine in 2022, with the EU holding over two-thirds of these assets. Most of these funds are managed through Euroclear, a Belgium-based settlement entity, which has reportedly generated about €3.9 billion in net profit since last year.
