EU seals a deal on using profits from frozen Russian assets to help arm Ukraine
BRUSSELS (AP) — European Union countries announced on Tuesday that they have reached an agreement to use the profits earned from frozen Russian assets to provide military support to Ukraine and help rebuild the war-torn country.
The 27-nation EU is holding around 210 billion euros ($225 billion) in Russian central bank assets, most of it frozen in Belgium, in retaliation for Moscow’s war against Ukraine. It estimates that the interest on that money could provide around 3 billion euros ($3.3 billion) each year.
Ukraine is desperate to obtain weapons and ammunition as Russia presses its military advantage.
EU headquarters said that 90% of the money would be put into a special fund known as the European Peace Facility that many EU countries already use to get reimbursed for arms and ammunition they send to Ukraine.
The other 10% would be put into the EU budget. The programs that this money funds would help to bolster Ukraine’s defense industry or to help with reconstruction, should some countries object to their share being used for military purposes.
A small group of member states, notably Hungary, refuse to supply weapons to Ukraine.
Officials have said that a first tranche of the funds could be available in July.
Related articles
Elvis' granddaughter Riley Keough fights Graceland estate auction
MEMPHIS, Tenn. (AP) — The granddaughter of Elvis Presley is fighting an attempt to publicly auction2024-05-22China Beats Japan to Retain Asiad Women's Volleyball Title
Contact Us HomeNewsHighlightACWF NewsSocietyWom2024-05-22Villages Become Entrepreneurship Hubs for Youngsters in Chongqing
Contact Us HomeNewsHighlightACWF NewsSocietyWom2024-05-22Danxia National Geological Park in NW China Attracts Tourists with Unique Landscape
Contact Us HomeNewsHighlightACWF NewsSocietyWom2024-05-22Closing prices for crude oil, gold and other commodities
Benchmark U.S. crude oil for June delivery fell 26 cents to $79.80 per barrel Monday. Brent crude fo2024-05-22China Takes 5th Consecutive Women's Team Title in Asiad Table Tennis
Contact Us HomeNewsHighlightACWF NewsSocietyWom2024-05-22
atest comment