EU approves plan to use €3B from frozen Russian assets to support Ukraine's military efforts.

The EU has approved a plan to use profits from frozen Russian assets, estimated at up to €3 billion ($3.3 billion) in 2022, to support Ukraine's military efforts. Around 90% of these funds will be allocated to the European Peace Facility, while the remaining 10% will be used for Ukraine's defense industry or reconstruction needs. This decision follows the immobilization of approximately €200 billion in Central Bank of Russia assets across the jurisdictions of the G7 partners, the EU, and Australia.

May 21, 2024
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