Diplomatic statements or official policy documents from the EU or Russia

EU Approves Use of Frozen Russian Assets to Aid Ukraine with €3B, 90% for Military

May 21, 2024, 10:32 AM

The European Union has approved the use of proceeds from frozen Russian sovereign assets to support Ukraine. This decision, announced by Czech Foreign Minister Jan Lipavský, will see up to €3 billion transferred this year, with 90% of the funds allocated to Ukraine's military. The move is part of a broader initiative by the EU and G7 nations to hold Russia accountable for war damages caused by its aggressive actions in Ukraine. The EU Council and the Czech Republic's representation to the EU confirmed the use of revenues from Russia's Central Bank's frozen assets.