EU Leaders Unanimously Agree to Transfer Frozen Russian Assets to Ukraine
EU Leaders Agree to Transfer Frozen Russian Assets to Ukraine
During the recent EU summit held in Brussels, member states agreed in principle to transfer the proceeds from Russian assets frozen within the EU’s sanctions regime to Ukraine. This decision comes as a show of solidarity and support for Ukraine in the face of ongoing military aggression from Russia.
EU Commission President Ursula von der Leyen announced the agreement at a press conference following the summit sessions. She stated that the proposal, put forward by Josep Borrell, the EU High Representative for Foreign Affairs and Security Policy, would provide Ukraine with much-needed funding for military equipment. It is estimated that around 3 billion euros could be collected in 2024, with similar amounts expected in the following years.
Von der Leyen also revealed plans to increase customs duties on Russian and Belarusian grains, oilseeds, and derived products to prevent destabilization of the EU market and illegal exports of stolen Ukrainian grain by Russia.
The final declaration of the summit reaffirmed the EU’s commitment to accelerating military assistance to Ukraine, particularly in the areas of air defense systems, ammunition, and missiles. The EU and its member countries pledged to swiftly fulfill promises of support, including the provision of one million artillery shells to Ukraine.
Ukrainian President Volodymyr Zelensky, who joined the summit via video conference, urged the EU to provide more military support to Ukraine and emphasized the need for reconstruction funding. He also called for the start of negotiations on Ukraine’s accession to the EU.
The decision to transfer frozen assets to Ukraine and increase military assistance demonstrates the EU’s commitment to standing with Ukraine in the face of Russian aggression. Concrete action is expected to take place in the summer, providing much-needed support to Ukraine in its efforts to defend its sovereignty and territorial integrity.
