BRUSSELS (AP) — European Union countries announced on Tuesday that they have reached an agreement to use the profits earned from frozen Russian assets to provide military support to Ukraine and help rebuild the war-torn country. The 27-nation EU is holding around 210 billion euros ($225 billion) in Russian central bank assets, most of it frozen in Belgium, in retaliation for Moscow’s war against Ukraine. It estimates that the interest on that money could provide around 3 billion euros ($3.3 billion) each year. Ukraine is desperate to obtain weapons and ammunition as Russia presses its military advantage. EU headquarters said that 90% of the money would be put into a special fund known as the European Peace Facility that many EU countries already use to get reimbursed for arms and ammunition they send to Ukraine. The other 10% would be put into the EU budget. The programs that this money funds would help to bolster Ukraine’s defense industry or to help with reconstruction, should some countries object to their share being used for military purposes. A small group of member states, notably Hungary, refuse to supply weapons to Ukraine. Officials have said that a first tranche of the funds could be available in July. |
California is poised for major earthquake THIS YEARThe headphones that could ease tinnitus with a radical new treatmentMy friend turned up to my wedding as a surprise, took four pizzas and had sex with my sisterPiece of 5,800lb battery pallet tossed from NASA's ISS crashes through Florida homeNHS waiting lists fall for fifth month in a row as Rishi Sunak says 'our plan is working'I put my night sweats down to early menopauseOutrage as Tesla starts shipping $3,000 Cybertruck tent that looks nothing like as advertisedWant a healthy dog? Vets reveal the 10 extreme body conformations owners should AVOID including flatOutrage as Tesla starts shipping $3,000 Cybertruck tent that looks nothing like as advertisedChildren addicted to tech including smartphones are more at risk of psychosis, study suggests