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. |
Interview: China's new quality productive forces bring new opportunities for foreign investorsXi Arrives in Indonesia's Bali for G20 SummitXiconomics: Shanghai CIIE Connects Chinese Dream with the World'sXi Stresses Striving in Unity to Fulfill Goals Set by Party CongressXi Focus: Xi Calls for Scaling up Global Action on Wetlands Conservation As COP14 OpensChina Unveils Regulation on Boosting Development of SelfXi Stresses Striving in Unity to Fulfill Goals Set by Party CongressFull Text of the Report to the 20th National Congress of the Communist Party of ChinaCPC Leadership Makes Arrangements for Implementing Party Congress Guiding PrinciplesChina Unveils Regulation on Boosting Development of Self