The plan involves sending Ukraine up to $3 billion each year from interest generated by the assets.
Russian President Vladimir Putin in Moscow on May 7. Photo: Sofia Sandurskaya/POOL/AFP via Getty Images
European Union diplomats in Brussels agreed on Wednesday to use frozen Russian state assets to aid Ukraine in its defense againstof sovereign Russian assets, but until recently, it has made little progress in deciding if or how to leverage those assets to aid Ukraine.against Russia's manpower and firepower advantages, Ukraine is desperate for additional financial and military assistance, especially after lengthy U.S.
"There could be no stronger symbol and no greater use for that money than to make Ukraine and all of Europe a safer place to live," European Commission President Ursula von der LeyenThe plan involves sending Ukraine between $2.7-3.3 billion each year from interest generated by the frozen assets, according to
90% of the funds will go through the European Peace Facility fund to purchase weapons for Ukraine, while the remaining will go toward reconstruction and economic recovery. Neutral countries, like Austria, Ireland, Malta and Cyprus, have been given the option to opt out of buying weapons and can limit their assistance to humanitarian aid, according to, have said the EU and G7 countries should go further, confiscate the assets themselves and use them for Ukraine's defense and recovery.While EU officials have been wary, the U.S. has recently taken major steps toward direct seizure.that empowers Biden to seize Russian foreign exchange reserves in the U.S.
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