EU ambassadors take final step to provide Ukraine with funds derived from frozen Russian assets

On 8 May, the permanent representatives of EU member states approved the transfer to Ukraine of proceeds from taxed windfall revenues from frozen Russian assets, the final step in implementing this mechanism.

Source: Belgian Presidency of the Council of the EU, as reported by European Pravda

Details: At a meeting on Wednesday, EU ambassadors agreed in principle on "measures concerning extraordinary revenues stemming from Russia’s immobilised assets".

"The money will serve to support Ukraine's recovery and military defence in the context of the Russian aggression," the Belgian presidency added.

The permanent representatives’ decision still needs to be finalised by the Council of the European Union.

Previously: 

• In February, the Council of the EU agreed on an important step in its plan to establish a mechanism to use windfall profits from frozen Russian assets in the EU to benefit Ukraine.
• On 20 March, EU chief diplomat Josep Borrell presented a proposal to EU member states regarding the use of windfall revenues from frozen Russian assets in Europe to support Ukraine. This proposal envisages channelling 90% of the funds via the European Peace Facility and 10% via the EU budget.

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