EU Agrees to send $3.2B of Frozen Russian Assets to Aid Ukraine
EU agreesAgrees to send €3bn$3.2B fromof frozenFrozen Russian assetsAssets to aidAid Ukraine
The Facts
Belgium, the current President of the Council of the European Union (EU), has announced that the bloc's ambassadors have agreed "in principle" to send Ukraine aid in the form of frozen Russian assets.
It has been reported that approximately $3.2B of Russian assets will now become annually available to Ukraine, with up to 90% estimated to be invested towards military supplies. Following consensus by the bloc's ambassadors, the agreement must be officially accepted by EU member states.Belgium, the current President of the Council of the European Union (EU), has announced that the bloc's ambassadors have agreed "in principle" to send revenues generated from frozen Russian assets to Ukraine.
The Spin
Repurposed Russian profits are necessary not only to finance the ongoing war effort but also to ensure the successful rebuilding of Ukraine once the conflict is over. With much needed future reparations and the cooperation of Putin and Moscow hard to imagine, the West must therefore act proactively. Russian warnings against illegitimate behavior are the height of hypocrisy – the West must do what is right to protect Ukraine.
The EU and Euroclear's ability to hold and make use of frozen Russian assets is legally dubious and incredibly damaging to international confidence in the West's financial institutions. By using profits which are rightfully Russian, a dangerous and irreversible precedent will be set that the US and Europe should seriously consider before making any rash decisions.
