The EU has transferred 1.5 billion euros to Ukraine from frozen Russian assets to aid in defense and reconstruction efforts, as announced by European Commission President Ursula von der Leyen on July 26. The decision was made to ensure a safer Europe amidst ongoing tensions.
Ukraine’s allies had frozen around $300 billion of Russian assets during the invasion, with a significant portion in Euroclear. The EU has agreed to allocate windfall profits from these assets, totaling 3 billion euros annually to Ukraine for its needs.
While some countries proposed seizing Russian assets outright, the EU opted for a more cautious approach. The funding will play a crucial role in Ukraine’s recovery from the conflict, bridging financial gaps that Western support may not cover fully.
Opinion: Why arguments against using Russian assets for Ukraine don’t hold water
If Ukraine is going to defeat Russia and rebuild itself after the war, it will need huge sums of money, probably exceeding what Western electorates and politicians are willing or able to provide.
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