EU countries will use frozen Russian assets for military aid to Ukraine. However, there is a nuance

European Union (EU) ambassadors agreed on Wednesday to use proceeds from Russia’s frozen assets to buy military aid for Ukraine, the Belgian government announced.

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“This money will serve to support Ukraine’s recovery and military defense in the context of Russian aggression,” the Belgian government said in a statement.

“There cannot be a stronger symbol and a better use for this money than to make Ukraine and all of Europe a safer place to live,” said Ursula von der Leyen, head of the European Commission.

The agreement covers the use of interest and other profits, but not the assets themselves, which will remain frozen in the future. This move could bring up to three billion euros this year alone.

According to the information provided by the European Commission, the assets of the Central Bank of Russia in the amount of approximately 210 billion euros have been frozen in the EU. The Brussels-based financial institution “Euroclear” recently reported that assets in 2023 earned approximately 4.4 billion euros in interest.

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