EU foreign ministers today agreed to use profits from frozen Russian assets – through the European Peace Mechanism (EPC) – to go to Ukraine.
The decision came after its conclusion EU Foreign Affairs Council in Luxembourg.
According to Z. Borel, the windfall profits, coming from Russian assets frozen in Europe, will be used smoothly for the benefit of Ukraine.
Around 1.4 billion euros will be available next month and another billion euros by the end of the yearhe said.
Where will they be used?
This money will be allocated to Ukraine for three purposes:
air defense, ammunition and support for Ukrainian industry.
The head of European diplomacy stated that the “structural difficulty” presented by a country (including Hungary) that blocks this decision will be overcome.
He explained that, from a legal point of view, since a Member State was not involved in the decision to use the frozen Russian assets, it also does not have the right to participate in the decision for what purposes they will be used.
However, Hungary prevents the use of approximately €6 billion from the CPE and the Ukraine Assistance Mechanism.
Z. Borrell said the matter would be referred to the European Council on June 27-28.
The European Council is also expected to discuss the security agreement between the EU and Ukraine.
Subject to the agreement of Member States, the agreement is expected to be signed, on the sidelines of the Summit, in the presence of Ukrainian President Volodymyr Zelensky.
Tomorrow, June 25, the first intergovernmental conference on the accession of Ukraine and Moldova to the EU will take place, which is the “absolute guarantee of security”, according to Z. Borel.
Source: AMPE