The Council of the European Union has reached a preliminary agreement to fund Ukraine aid with profits from frozen Russian assets, the Belgian delegation at the Council announced via Twitter on Jan. 29.
“EU Ambassadors just agreed in principle on a proposal on the use of windfall profits related to immobilized assets to support Ukraine’s reconstruction,” the message reads.
Read also: Ukraine may finance budget deficit with proceeds from frozen Russian assets
RFE/RL correspondent Rikard Jozwiak reported that profits would be placed in a special account, with the EU needing to finalize the actual transfer of the money to Ukraine.
Read also: Ukraine may finance budget deficit with proceeds from frozen Russian assets
EU High Representative for Foreign Affairs and Security Policy Josep Borrell said on Jan. 23 that leaders would decide on the use of frozen Russian assets by the next EU Foreign Affairs Council on March 18.
Read also: Ukraine plans to rebuild and arm using frozen Russian assets, states FM Kuleba
Ukrainian President Volodymyr Zelenskyy stated previously that plans for the required decisions to transfer the frozen Russian assets to Ukraine are in development.
Zelenskyy has called for the handover of approximately $300 billion in frozen Russian assets overseas to aid in Ukraine’s reconstruction efforts.
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