The European Union (EU) is preparing to approve a deal that will allow the use of frozen Russian assets to help Ukraine continue its defense against Russia’s invasion.
Reports indicate that EU finance ministers are close to finalizing an agreement on how to channel profits generated from Russian assets that were frozen after Moscow launched its full-scale invasion of Ukraine in 2022.
According to EU officials, part of the revenue from these frozen funds will be directed to military assistance and economic recovery programs for Ukraine.
An EU senior official stated: “This measure is intended to ensure that Russia pays for the destruction it has caused in Ukraine - by using its own frozen assets.”
The EU is estimated to have frozen more than €200 billion in Russian assets, including funds belonging to the Central Bank of Russia and several prominent Russian oligarchs.
Some EU member states, such as Hungary and Slovakia, have expressed legal and political concerns about the move. However, a majority of EU countries support the plan, viewing it as a way to help Ukraine without relying on taxpayers’ money.
Experts say this decision could mark a significant turning point in the EU’s economic strategy against Russia and introduce a new model of wartime support - one that uses the aggressor’s own assets to fund the defense of its victim.