EU agrees to use frozen Russian assets for Ukraine’s defence

European Union (EU) on Tuesday announced that ministers from EU member states have agreed to use proceeds from frozen assets of the Central Bank of Russia (CBR) to support Ukraine’s military efforts.

Under the agreement, 90 per cent of the profits from these assets will be allocated to the European Peace Facility, an EU-run fund providing military aid for Ukraine.

The remaining 10 per cent will bolster Ukraine’s defence industry capacities and reconstruction needs.

“Up to 3 billion euros (3.26 billion U.S. dollars) this year alone, 90 per cent goes for Ukraine’s military,” Czech Foreign Minister Jan Lipavsky stated on social media platform X.

According to data from the Council, around 260 billion euros in CBR assets have been immobilised in securities and cash across the jurisdictions of the G7 partners, the EU, and Australia.

Meanwhile, more than two-thirds of these frozen assets were held within the EU