EU Provides 90% Of Earnings From Frozen Russian Assets For Military Needs of Ukraine

An agreement has been reached.

The EU countries have agreed on the transfer of 90% of the earnings from frozen Russian assets for the defence purposes of Ukraine, said German Chancellor Olaf Scholz. According to him, we are talking about "a significant amount, amounting to several billion a year." At the same time, Ukraine will not be obliged to purchase weapons in Europe with these funds.

Scholz added that the agreement is at the final stage. The consensus will allow to add 3 billion euros to the EU's obligations to Ukraine for 16 billion euros in the summer, said EU Commissioner for Economy Paolo Gentiloni.

Earlier, Vice-President of the European Commission Josep Borrell, proposed that the EU countries use 90% of the earnings from Russian assets to purchase weapons and shells to support Kyiv and transfer 10% to the EU budget to invest in the Ukrainian military industry.

In total, since February 2022, the G7 countries have frozen about 300 billion euros of foreign exchange reserves of the Central Bank of the Russian Federation, of which about 208 billion are in the European Union, mainly in the Belgian depository Euroclear. In 2023, they brought him 4.33 billion euros in profit. And according to the results of the first quarter of 2024 — 1.566 billion euros. Funds are withdrawn to a special account.