Europe Agrees to Give Russia’s Billions to Ukraine

( – The European Union has approved a plan to use frozen money and assets from the Russian central bank within the EU to contribute to Ukraine’s military and financial aid. This decision only required a formal endorsement by ministers after EU ambassadors reached an agreement in early May.

The plan was harshly criticized by Russia, who warned that there would be consequences for using its own money against it. Russia also stated that the EU will eventually have to return what they “stole”.

The EU froze around $300 billion worth of Russian financial assets shortly after Russia invaded Ukraine in early 2022. Since then, the EU and other G7 nations have been debating how and whether to use these funds to assist Ukraine.

According to the new plan, most of the frozen money, around 90%, will be used as direct military aid to Ukraine. The rest of the funds will be reserved for humanitarian aid and other reasons. Ukrainian Foreign Minister Dmytro Kuleba expressed gratitude to the EU for the decision but emphasized Ukraine’s goal of seizing Russian financial assets, not just benefiting from the interest.

Russia’s acting Permanent Representative to the EU, Kirill Logvinov, warned that the proposal could have unpredictable consequences for the EU and the economies of EU countries. He insisted that the EU would eventually be forced to return the assets to Russia. Russia has continuously warned the West of repercussions if its assets are used and even accused Washington of pressuring Europe into taking more drastic measures to undermine Russia in Ukraine.

While the war has largely been at a standstill since 2023, Russia just recently made huge gains in the north and east of Ukraine in a new offensive designed to strike fast at Ukrainian defenses. A US aid package to Ukraine was recently approved, but it has taken some time to get to the war-torn country, allowing Russia to seize more territory.

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