EU agrees to use Russian asset profits to support Ukraine
“This is not our decision, but a political one,” says Euroclear chief executive
The European Union (EU) has agreed to send part of the interest gained from frozen Russian central bank assets to assist Ukraine’s war effort.
On May 8, the EU confirmed an estimated €3 billion ($3.2 billion) will be used to purchase weapons for Ukraine and to fund reconstruction in the war-torn country, with 90% of the funds used for arms purchases.
The funds are being held at Euroclear, a Belgium-based central securities depository. Euroclear holds around €190 billion of assets that belong to
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