EU agrees to use profits from Russia's frozen assets for Ukraine

ANKARA

EU diplomats on Wednesday agreed to use profits from Russia's frozen assets to aid and buy weapons for Ukraine.

"EU ambassadors agreed in principle on measures concerning extraordinary revenues stemming from Russia’s immobilised assets. The money will serve to support #Ukraine's recovery and military defence," Belgian Presidency of the Council of the EU wrote on X platform.

More than €200 billion ($215 billion) of Russian central bank assets were frozen in the EU after the start of Ukraine war in February 2022.

Commenting on the move, European Commission President Ursula von der Leyen said: "I welcome today's political agreement on our proposal to use the proceeds from immobilised Russian assets for Ukraine. There could be no stronger symbol and no greater use for that money than to make Ukraine and all of Europe a safer place to live."