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EU envoys approve using frozen Russian assets to assist Ukraine

EU envoys approve using frozen Russian assets to assist Ukraine

The EU has preliminarily agreed to use frozen Russian assets to assist Ukraine, the Belgian representation at the Council announced via Twitter on January 29.

“The EU Ambassadors have tentatively agreed on a plan to utilize unexpected gains linked to blocked assets to bolster Ukraine’s rebuilding,” the tweet stated.

Read also: EU extends economic sanctions against Russia for 6 more months

According to RFE/RL correspondent Rikard Jozwiak, the proceeds will be deposited into a dedicated account, pending finalization by the EU for the actual transfer of funds to Ukraine.

On January 23, EU High Representative for Foreign Affairs and Security Policy Josep Borrell stated that leaders would make decisions regarding the utilization of frozen Russian assets at the upcoming EU Foreign Affairs Council on March 18.

Read also: NATO must be ready for possible Russian missile strikes in Europe – NATO general

Previously, Ukrainian President Volodymyr Zelenskyy mentioned that arrangements for the necessary measures to allocate the frozen Russian assets to Ukraine are underway.

Zelenskyy has advocated for the release of about $300 billion in frozen Russian assets abroad to support Ukraine’s reconstruction endeavors.

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