(MENAFN) On Wednesday, the 27 member countries of the European Union reached a significant agreement, as announced by the Belgian presidency of the bloc, to utilize proceeds from frozen Russian assets within the EU to provide military assistance to Ukraine. The presidency conveyed that these funds will be earmarked to bolster Ukraine's military defense capabilities and aid in the country's reconstruction efforts. This decision was reached during a meeting of ambassadors from member states on the "X" platform.
European Commission President Ursula von der Leyen hailed the agreement as a potent symbol of solidarity and support for Ukraine. She lauded the decision, emphasizing its significance in standing with Ukraine amid ongoing geopolitical tensions.
However, the Kremlin had previously cautioned the European Union against utilizing proceeds from frozen Russian assets for arming Ukraine, warning of serious repercussions for those involved in such decisions. Despite these warnings, the EU remained steadfast in its commitment to redirecting these assets toward supporting Ukraine's defense and recovery initiatives.
Reports from the Russian Information Agency in January had estimated potential losses for Western countries at around USD288 billion if they were to confiscate frozen Russian assets for Ukraine's reconstruction efforts. Notably, European Union member states collectively hold approximately USD223.3 billion of these assets, with significant portions officially owned by countries such as Cyprus, the Netherlands, Germany, France, and Italy. These figures highlight the substantial financial stakes involved and underscore the strategic implications of the EU's decision to allocate frozen assets for military support to Ukraine.
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