Brussels is seeking to expedite financial aid to Ukraine by proposing a plan to allocate €2bn to €3bn this year from profits generated by frozen Russian assets. As reported by the Financial Times, European Commission president Ursula von der Leyen has proposed directing the funds toward military support, deviating from the initial plan of post-war reconstruction, causing controversy in some EU capitals.
Frozen Russian sovereign assets currently held at the central securities depository Euroclear amount to €190bn. They have generated €3.85bn in profits since Russia’s invasion of Ukraine in 2022.
