EU Agrees to Unlock Frozen Russian Assets for Ukraine

European Union ambassadors have reached an agreement to unlock frozen Russian assets and send them to Ukraine.

This was reported by the Belgian Presidency of the Council of the EU on X.

“The money will serve to support Ukraine’s recovery and military defense in the context of the Russian aggression,” stated the Belgian Presidency.

After the Russian full-scale invasion of Ukraine, a number of partner countries froze Russian assets that were in their countries at the time. Presently, approximately $300 billion worth of Russian assets remain frozen in the accounts of Ukraine’s partner countries.

The possibility of utilizing the profits or interest generated from these frozen assets to provide financial assistance to Ukraine has been a topic of ongoing discussion. Today’s agreement by EU ambassadors represents a crucial step towards making this a reality.

Details regarding the process and timeline for sending the funds to Ukraine remain unclear.

Previously, German Chancellor Olaf Scholz announced after a meeting with the heads of government of the three Baltic states that 90% of the proceeds from frozen Russian assets should be allocated to purchasing weapons for Ukraine.