The EU has decided the fate of frozen Russian assets.

The ambassadors of the EU agreed on what to do with the profits from the frozen assets of Russia, the Belgian Presidency of the Council of the EU has announced. The money will be used to support Ukraine’s recovery and to provide military aid.

The EU has prepared legislation that will allow the transfer of profits from frozen Russian sovereign assets to Ukraine in July. This will allow the allocation of approximately €3B per year to finance weapons for Ukraine. In particular, these are profits generated after February 15, 2024. Earlier, the President of the European Commission, Ursula von der Leyen, said that Ukraine will be able to receive the first €1B on July 1.

In total, the European Union, the G7 countries, and Australia have frozen approximately €260B in securities and cash.

The general director of the European depository Euroclear, Valerie Urbain, reported that since the beginning of the year, these assets have brought about €1.6B in interest income.