The countries of the European Union (EU) adopted today that the revenues from frozen Russian assets are used to provide military support to Ukraine, as well as help in the reconstruction of the war-torn country.
The EU currently holds around €210 billion in Russian central bank assets, most of which are in Belgium. The money was frozen in response to Moscow's attack on Ukraine.
It is estimated that the interest on that money alone could provide around 3 billion euros every year.
Ukraine announces that it is in dire need of weapons because Russia is making military progress in its offensive on parts of its territory.
It was announced from Brussels that 90 percent of the money will be included in the European Peace Fund, which many EU countries already use to finance weapons and ammunition for Ukraine.
The remaining ten percent would be invested in the EU budget. Officials said the first tranche of those funds could be available in July.
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