Ukraine is one step away from receiving gigantic money. It's about Russian assets

Ukraine is one step away from receiving gigantic money.  It's about Russian assets

EU ambassadors agreed to transfer funds from profits from frozen Russian assets to Ukraine, the Belgian Presidency of the Council of the European Union 2024 announced on the 10th platform.

As reported in the announcement, profits from the frozen assets of the Central Bank of Russia would be allocated, among others, to: for defense (weapons, ammunition) and reconstruction of the war-ravaged country (e.g. critical infrastructure). However, for this to happen, an official decision of the EU Council is still needed.

The idea was first presented by the head of EU diplomacy

In the second half of March, the solution was proposed by the head of EU diplomacy, Josep Borrell. According to the plan, 90 percent the frozen funds would be transferred by the European Peace Fund, and the remaining 10 percent through the EU budget – reminds Ukrainska Pravda.

It is worth recalling that after the outbreak of the war, Western countries froze a significant part of Russia's currency reserves – approximately EUR 300 billion – and 2/3 of them are in the EU, in Brussels. In February, the President of the European Commission, Ursula von der Leyen, shared a similar idea with MEPs, according to which profits from Russian assets would be allocated, among others, to for ammunition and weapons for Ukrainians.

It is worth adding that if member states approve the plan, the Ukrainian budget will be annually supplied with three billion euros, which generates money.

War in Ukraine. Support from the EU and the USA

On February 1, as planned, the European Council decided to provide additional PLN 50 billion in support to Ukraine, to be paid over four years. This, unlike many other aid packages surrounding Ukraine, is to be based on direct state support.

In the second half of April, the US Congress adopted a comprehensive foreign aid package, providing financial support for Ukraine, Israel and Taiwan. Military and economic aid totaling $95 billion has been approved by the US Senate. US President Joe Biden then signed the bill, saying it was “a good day for America and a good day for global security.” Of the 96 billion, most – as much as 61 billion – will go to Ukraine.

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