EU ambassadors agree on transfer of profits from frozen Russian assets for recovery and defense assistance to Ukraine.

On Wednesday, May 8, European Union ambassadors agreed on what to do with the profits from frozen Russian assets. The money is to be used to rebuild Ukraine and provide defense aid

This is reported by European Pravda with reference to the press service of the Belgian presidency in the EU, Censor.NET reports.

It is noted that during the meeting, the EU ambassadors agreed on "extraordinary revenues stemming from Russia’s immobilized assets".

The funds will be used to support the reconstruction and military defense of Ukraine in the face of Russian aggression," the press service of the Belgian EU Presidency said.

This decision of the ambassadors has yet to be finalized by the Council of the European Union. Only then will it come into force.

In March 2024, EU High Representative for Foreign Affairs and Security Policy Josep Borrell proposed that 90% of the profits of Russian assets frozen in Europe be transferred to the EU fund that finances weapons for Ukraine.

Read more: To transfer return on Russian assets to Ukraine, only technical solutions remain to be found - Lithuanian Foreign Minister Landsbergis

About 70% of all Russian assets immobilized in the West are held at Euroclear, a central securities depository in Belgium that holds the equivalent of 190 billion euros ($204.67 billion) in Russian central bank securities and cash.

Read more: To transfer return on Russian assets to Ukraine, only technical solutions remain to be found - Lithuanian Foreign Minister Landsbergis