European Union nations have reached a tentative breakthrough deal to provide Ukraine with billions in additional funds for arms and ammunitions coming from the profits raised from frozen Russian central bank assets held in the bloc.
A woman walks in front of a crater caused by a Russian missile attack in Zaporizhzhia, Ukraine , Wednesday, May 8, 2024. BRUSSELS — Europe an Union nations reached a tentative breakthrough deal to provide Ukraine with billions in additional funds for arms and ammunitions coming from the profits raised fromin the bloc. It came after weeks of tough negotiations among member states, which were made more complicated by the stringent financial limits on using such funds.
The deal should free up to 3 billion euros a year for Kyiv, of which 90% could be spent on ammunition and other military equipment.The EU is holding around 210 billion euros in Russian central bank assets, most of it frozen in Belgium, in retaliation for Moscow’s war against Ukraine. Kyiv has long been urging that those funds be used to get vital military supplies as it struggles to stave off renewed Russian attacks.
A small group of member states, especially Hungary, refuse to supply weapons to Ukraine so special safeguards had to be included in the deal to allow for some 10% of the funds to be considered general aid.
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