EU reaches deal on using profits from Russia’s frozen assets for Ukraine

European Commission president Ursula von der Leyen welcomed the agreement and said the money would help make Europe a safer place to live. Photograph: Aurélien Morissard/AP

The EU has reached a deal to seize profits from Russia’s frozen assets to fund weapons and aid for Ukraine within months.

EU senior diplomats meeting on Wednesday agreed a compromise on using the estimated €4.4bn windfall profits to aid Ukraine, smoothing over a dispute about taxation and management costs in Belgium, the country where most of the frozen assets are held.