For several months now, the West has been discussing how to transfer blocked Russian assets to Ukraine. A decision on this issue has now been successfully reached. On Wednesday, May 8, EU envoys reached an agreement to transfer the proceeds from frozen Russian assets to assist Ukraine
Another additional level of support
A senior EU official off the record shared details of the agreement. According to him, 90% of these funds will be directed to the European Peace Fund, through which military assistance is provided to Ukraine. Another 10% of these funds will be allocated for reconstruction and recovery.
This is another additional level of support for Ukraine, which is currently estimated at approximately 3 billion euros per year, said the high-ranking diplomat.
Next, this decision must be approved at the ministerial level. After the final signing of the agreement, Ukraine can expect the first tranche of assistance as early as July of this year.
Diplomatic circles note that Belgium, which was the first to decide to transfer taxes from Russian assets, calls on European countries that also have blocked Russian funds to follow its example.
Transferring frozen Russian assets to Ukraine: latest news
- Earlier it was reported that some European Union countries may not agree to transfer proceeds from Russian assets to arm Ukraine. The final decision will be made in June.
- The idea that funds may not be provided for arming Ukraine arose on the eve of the meeting of the EU’s 27 envoys, at which Belgium hopes to reach an agreement to unlock funding for Ukraine.
- Then, Olaf Scholz announced that about 90% of the proceeds from frozen Russian assets should be transferred to arm Ukraine.
- Currently, there are about $300 billion in Russian assets in the West. Previously, there was consideration of confiscating this money, but it was rejected due to its illegality.
- Recently, EU High Representative for Foreign Affairs and Security Policy Josep Borrell called on the EU Council to redirect the proceeds from Russian assets to Ukraine. According to him, the money should go towards purchasing weapons.
