EU seals a deal on using profits from frozen Russian assets to help arm Ukraine
BRUSSELS (AP) — European Union countries announced on Tuesday that they have reached an agreement to use the profits earned from frozen Russian assets to provide military support to Ukraine and help rebuild the war-torn country.
The 27-nation EU is holding around 210 billion euros ($225 billion) in Russian central bank assets, most of it frozen in Belgium, in retaliation for Moscow’s war against Ukraine. It estimates that the interest on that money could provide around 3 billion euros ($3.3 billion) each year.
Ukraine is desperate to obtain weapons and ammunition as Russia presses its military advantage.
EU headquarters said that 90% of the money would be put into a special fund known as the European Peace Facility that many EU countries already use to get reimbursed for arms and ammunition they send to Ukraine.
The other 10% would be put into the EU budget. The programs that this money funds would help to bolster Ukraine’s defense industry or to help with reconstruction, should some countries object to their share being used for military purposes.
A small group of member states, notably Hungary, refuse to supply weapons to Ukraine.
Officials have said that a first tranche of the funds could be available in July.
Related articles
Spain withdraws its ambassador to Argentina over comments made by President Milei
BUENOS AIRES, Argentina (AP) — A diplomatic crisis between historic allies Spain and Argentina expan2024-05-22How to invest to beat tax raids
Investors are about to see the capital gains tax and dividend allowances slashed again, which only m2024-05-22Astronaut Thomas Stafford, commander of Apollo 10, dies aged 93: Air Force three
Astronaut Thomas Stafford, commander of Apollo 10 mission, died at the age of 93 on Monday. Stafford2024-05-22Travel insiders' expert tricks to get a FREE upgrade on your holiday
Back in the old days, a broad smile, smart clothes and a confident manner might have got you an airl2024-05-22Seoul AI summit opens with companies including Google, Meta, OpenAI pledging to develop AI safely
SEOUL, South Korea (AP) — The world’s leading artificial intelligence companies pledged at the start2024-05-22- As I stepped aboard the Disney Fantasy for my first-ever Disney cruise, I wondered if it would be th2024-05-22
atest comment