Europe Agrees to Give Russia's Billions to Ukraine

The EU on Tuesday approved a plan to hand Ukraine the profits generated by frozen Russian central bank assets.

European Union member states and other Group of Seven countries (G7) had long debated about how $300 billion in Russian central bank assets stashed in Western nations should be used to help Ukraine to fund its war effort against Russia.

The financial assets were frozen shortly after Russia launched a full-scale invasion of Ukraine in February 2022.

Czech Foreign Minister Jan Lipavsky said the move will hand Ukraine up to €3 billion (about $3.3 billion) this year.

"We have approved in the EU using revenues from Russia's central bank's frozen assets to help Ukraine," wrote Lipavsky on X, formerly known as Twitter. "Up to €3B only this year, 90% goes for Ukraine's military. Russia must pay for its war damages."

This is a developing story and will be updated as more information becomes available.

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