EU Transfers 1.5 Billion Euros from Frozen Russian Assets to Ukraine

The European Union (EU) announced Friday that it had secured 1.5 billion euros to support Ukraine from the money earned from profits on Russian assets frozen in its financial and banking institutions. The EU explained, in a statement, that 90 percent of this money will go to a central fund used to pay for weapons for Ukraine, known as the "European Peace Facility", adding that the remaining 10 percent will be allocated to support the country's reconstruction needs. Following this, the Ukrainian Ministry of Defense expressed, in a statement, its gratitude to the European Union (EU) for taking this "vital" step, stressing that this would help it enhance its defense capabilities. EU member states agreed in May to use billions of euros in profits from frozen Russian central bank assets to help arm Ukraine and fund its post-war reconstruction. The EU has frozen about 200 billion euros of Russian central bank assets held in the bloc as part of sanctions imposed on Moscow over Russias military operation in Ukrai ne in 2022. Source: Qatar News Agency