The European Union announced Tuesday that it has reached an agreement to use the profits from frozen Russian assets to purchase arms for Ukraine and to help rebuild that country. The EU controls about $225 billion in frozen Russian assets, and the profits from those assets will generate about $3.3 billion annually.
The European Commission chief, Ursula von der Leyen, said: “There could be no stronger symbol and no greater use for that money than to make Ukraine and all of Europe a safer place to live.”
European Trade Commissioner Valdis Dombrovskis also welcomed the decision.
He said the funds would have to get to Ukraine as soon as possible, with the first €1bn tranche – to be used “mainly for military support” – ideally reaching the country by summer.
“Russia will pay directly for its crimes,” Mr Dombrovskis said.
Earlier this week, German Chancellor Olaf Scholz said around 90% of…
