EU Member States validated an agreement on Tuesday that will use funds taken from frozen Russian assets to militarily and financially aid Ukraine, according to the Belgian Presidency of the Council of the EU.
In a statement shared over network X, during a meeting of EU affairs ministers in Brussels, the Council of the European Union confirmed its approval to use "windfall profits" from immobilised Russian assets to support Ukraine’s military defence and reconstruction amidst Russian aggression.
On the 8 May, Member States reached a compromise over these assets, which amount to over €200 billion. A majority of Russia’s central bank assets reside with Euroclear, a global financial services firm based in Belgium.
The European Commission suggests that the income generated from these assets should yield between €2.5 to €3 billion this year.
The majority (90%) will go to the European Peace Facility, which funds weapon deliveries to Ukraine, with the remainder providing financial support through the Facility for Ukraine.
Accession
Also on Tuesday, multiple Member States, along with the Belgian EU Presidency, have expressed a desire to start accession talks with Ukraine and Moldova by the end of June.
This move was revealed prior to a ministerial meeting held in Brussels this Tuesday. The process to open accession negotiations with candidate countries is marked by an intergovernmental conference.
"We are determined to hold this (initial) conference during our presidency, before the end of June for both Ukraine and Moldova," stated Hadja Lahbib, Belgian Minister of European Affairs, upon her arrival at the Europa building.
