Amidst ongoing tensions with Russia, the European Union has reached an agreement in principle to allocate profits generated by Russian assets frozen in Europe to military aid and the recovery of Ukraine. This decision is seen as a significant step in supporting Ukraine, as the EU member states have agreed to use assets of the Central Bank of Russia in Europe to provide much-needed assistance to the country.
The Belgian Presidency of the Council of the EU announced the agreement reached at the ambassadorial level, which follows a proposal made earlier this year by the High Representative of the European Union for Foreign Policy, Josep Borrell. This initiative represents a concrete action by the EU to stand behind Ukraine in its ongoing conflict with Russia.
The decision by the EU member states to allocate profits generated by frozen Russian assets reflects a unified effort by the EU to address challenges faced by Ukraine in the region. The agreement reached at the ambassadorial level signals a commitment from EU member states to use available resources to support Ukraine and help it recover from Russian aggression in its eastern regions.