The Council of the European Union made a statement that on Tuesday, the ministers from EU member states finally agreed on the use of the Central Bank of Russia's frozen proceeds in support of the Ukrainian military. Xinhua News Agency reports.
The agreement provides that 90 percent of the revenues from these assets will be channeled to the European Peace Facility, an EU-run fund that supplies military aid to Ukraine. The rest, 10 percent, will be channeled to enhance the capacities of the defense industry of Ukraine and its reconstruction processes.
"Up to 3 billion euros (3.26 billion U.S. dollars) this year alone, 90 per cent goes for Ukraine's military," stated Czech Foreign Minister Jan Lipavsky on social media platform X.
Data from the Council reveals that approximately 260 billion euros in CBR assets have been immobilized in securities and cash within the jurisdictions of the G7 partners, the EU, and Australia. Over two-thirds of these frozen assets are located within the EU.
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