The European Union says it will start using profits on Russian central bank assets frozen in the EU to support Ukraine. The money was frozen in retaliation for Russia’s invasion of Ukraine.
The EU is holding about 210 billion euros, or about 228 billion dollars, in Russian central bank assets in the region, which accounts for more than two-thirds of the bank’s assets frozen around the world.
The EU says 1.5 billion euros, or about 1.6 billion dollars, of the interest income on the assets will be used for military aid to Ukraine and the country’s reconstruction.
European Commission President Ursula von der Leyen said on social media, “There is no better symbol or use for the Kremlin’s money than to make Ukraine and all of Europe a safer place to live.”
Russia’s presidential spokesperson Dmitry Peskov indicated on Friday that Moscow will strike back. He said, “Such steps by the European Commission will not remain unanswered.”
Last month, the Group of Seven leaders agreed to complete a framework deal for a Russian-asset-backed 50-billion-dollar loan to Ukraine by the end of the year.