On May 21, the Council of the European Union voted to provide funds to Ukraine from taxable excess profits of frozen Russian assets.
EU adopted another favourable decision regarding Ukraine
This information was officially confirmed by the permanent representation of the Czech Republic in the EU.
According to the latest data, most of the funds will be directed to the military support of Ukraine.
The Council of the EU has confirmed its consent to the use of proceeds from immobilized assets of the Central Bank of the Russian Federation for the benefit of Ukraine, the official statement says.
In addition, it is emphasised that annual revenues will reach about 2.5-3 billion euros.
It is also indicated that 90% of the expected revenues will be used for military purposes to support the Armed Forces of Ukraine.
A smaller share — 10% — will go to the restoration and reconstruction of Ukraine.
As mentioned earlier, the permanent representatives of the European Union's member states approved this initiative on May 8.
What is known about Borrell's plan for Ukraine
Back on March 20, the chief of European diplomacy, Josep Borrell, presented to the official Brussels a proposal to use the windfall from immobilized Russian assets in Europe to support Ukraine.
The diplomat explained that his plan involves sending 90% of funds through the European Peace Fund and 10% through the EU budget.
I look forward to a quick decision by the Council. This will demonstrate the unity and commitment of the EU to support Ukraine and its people, wrote Josep Borrell.
