The European Union has announced the allocation of 1.5 billion euros ($1.6 billion) to support Ukraine, marking the first installment of funds derived from profits on frozen Russian assets. This decision follows an agreement reached by the EU's 27 member states in May to utilize the interest accrued on approximately 210 billion euros ($225 billion) in Russian central bank assets. The purpose of these funds is to provide military assistance to Ukraine and aid in the reconstruction efforts in the conflict-ridden nation.
The majority of the frozen assets, primarily located in Belgium, were subject to sanctions as a response to Moscow's extensive invasion. Brussels estimates that the interest generated from these assets could yield around 3 billion euros annually.
