The proceeds of Russian assets frozen in Europe end up helping Ukraine after a long struggle.
The European Union has approved a plan to use funds frozen from Russia to finance the armed forces of Ukraine, the EU High Representative for External Relations Josep Borrell tells.
According to Borrell, the first batch of proceeds from Russian funds, about 1.4 billion euros, will probably be available next week.
The use of Russian funds frozen in Europe to support Ukraine has been planned for a long time. A decisive step in the matter was taken on Monday, when the EU countries came up with a way to implement the plan despite the opposition of the member country Hungary.
Brussels-based Euroclear currently manages hundreds of billions of euros worth of Russian assets frozen due to the war in Ukraine. According to Euroclear, Russian assets generated 1.6 billion euros in interest income during the first quarter of the current year.
Source: Reuters