Copyright © 2024

The work of Euromaidan Press is supported by the International Renaissance Foundation

When referencing our materials, please include an active hyperlink to the Euromaidan Press material and a maximum 500-character extract of the story. To reprint anything longer, written permission must be acquired from [email protected].

Privacy and Cookie Policies.

Minister: EU foreign ministers approve frozen Russian assets proceeds use to help Ukraine

The Czech FM announced that EU foreign ministers approved using proceeds from frozen Russian Central Bank assets to support Ukraine, with 90% allocated to military aid. Proceeds could reach $3.25 billion this year.
minister eu foreign ministers approve frozen russian assets proceeds use help ukraine central bank federation cbrru russia's-central-bank
The Central Bank of the Russian Federation. Photo:
Minister: EU foreign ministers approve frozen Russian assets proceeds use to help Ukraine

On 21 May, Czech Foreign Minister Jan Lipavský reported that European Union foreign ministers approved using the proceeds from frozen Russian Central Bank assets to support Ukraine.

Within the EU, we decided today to transfer the proceeds of the Russian Central Bank’s asset freeze to Ukraine. This year alone, this could amount to up to 74 billion crowns (about $3,25 billion, – Ed.). 90% of the proceeds will go to military support. Russia must pay for the damage done by its war of aggression,” Jan Lipavský wrote on X/Twitter.

Earlier, the EU faced hurdles in agreeing to use proceeds from frozen Russian assets for Ukraine and considered allowing neutral member countries to opt out of using these funds for weapons, limiting their contributions to humanitarian aid, according to Politico sources.

So far, only proceeds from the frozen Russian accounts will be used, as seizing the Russian central bank assets for immediate reparations is currently ruled out.

Earlier, Washington proposed mobilizing frozen Russian assets to provide a large loan to Ukraine, with interest paid from the assets’ annual profits, rather than seizing or confiscating them.

Read also:

You could close this page. Or you could join our community and help us produce more materials like this.  We keep our reporting open and accessible to everyone because we believe in the power of free information. This is why our small, cost-effective team depends on the support of readers like you to bring deliver timely news, quality analysis, and on-the-ground reports about Russia's war against Ukraine and Ukraine's struggle to build a democratic society. A little bit goes a long way: for as little as the cost of one cup of coffee a month, you can help build bridges between Ukraine and the rest of the world, plus become a co-creator and vote for topics we should cover next. Become a patron or see other ways to support. Become a Patron!

To suggest a correction or clarification, write to us here

You can also highlight the text and press Ctrl + Enter

Please leave your suggestions or corrections here

    Will the West continue to support Ukraine?
    • Know what moves the world.
    • Premium journalism from across Europe.
    • Tailored to your needs, translated into English.
    Special discount
    for Euromaidan Press readers
    Euromaidan Press

    We are an independent media outlet that relies solely on advertising revenue to sustain itself. We do not endorse or promote any products or services for financial gain. Therefore, we kindly ask for your support by disabling your ad blocker. Your assistance helps us continue providing quality content. Thank you!

    Related Posts