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E.U. Ambassadors Reach Agreement on Transferring Russian Assets to Ukraine

A Ukrainian soldier close to Bakhmut. AP
A Ukrainian soldier close to Bakhmut. AP

On Wednesday, ambassadors from the European Union announced an agreement to provide Ukraine with the profits from seized Russian Central Bank assets as their armed forces continue to defend the country from the 27-month-long invasion.

It is estimated that the proposal will provide Kiev with €3 billion annually, with permission to spend 90% of it on military materials.

Shortly after Russia’s 2022 offensive against Ukraine, E.U. officials froze much of Moscow's overseas cash reserves. More than 2/3 of the affected currency has been held in Belgium by the settlement company Euroclear.

In February, U.S. Treasury Secretary Janet Yellen endorsed the action at a G20 finance minister’s meeting in Sao Paolo.

If E.U. member states approve the plan, distribution of the settlement is reportedly scheduled to start in July.

Related Story: U.S. Treasury Chief Wants Frozen Russian Assets to Be Sent to Ukraine

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