EU seals a deal on using profits from frozen Russian assets to help arm Ukraine
Time:2024-05-22 06:01:08 Source:healthViews(143)
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.
Previous:Testimony at Sen. Bob Menendez's bribery trial focuses on his wife's New Jersey home
Next:Victims of UK's infected blood scandal to receive final compensation payments
You may also like
- Biden to release 1 million barrels of gasoline in bid to lower prices at pump
- Election 2024: Biden using Trump's presidency as campaign strategy
- The US Open men's final is shifting to ABC this year. The women's final will stay on ESPN
- Hungary will vote against U.N. resolution commemorating the 1995 genocide in Bosnia, minister says
- Cristiano Ronaldo to lead Portugal into record sixth European Championship
- Jürgen Klopp's longtime Liverpool assistant Pep Lijnders hired to coach Salzburg
- Why the speech by Kansas City Chiefs kicker was embraced at Benedictine College's commencement
- US border arrests fall in April, bucking usual spring increase as Mexico steps up enforcement
- Fake elector case: Former Arizona GOP chair Kelli Ward and others set to be arraigned