Published: 10:31, May 22, 2024 | Updated: 10:49, May 22, 2024
EU agrees to use frozen Russian assets for Ukraine's defense
By Xinhua
A Ukrainian serviceman of the Main Directorate of Intelligence of the Ministry of Defense of Ukraine controls a naval drone Magura during demonstration for journalists at an undisclosed location in Ukraine on April 11, 2024. (PHOTO / AFP)

BRUSSELS / KYIV - The Council of the European Union announced on Tuesday that ministers from EU member states have agreed to use proceeds from frozen assets of the Central Bank of Russia to support Ukraine's military efforts.

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Under the agreement, 90 percent of the profits from these assets will be allocated to the European Peace Facility, an EU-run fund providing military aid for Ukraine. The remaining 10 percent will bolster Ukraine's defense industry capacities and reconstruction needs.

Zelensky and Baerbock discussed Germany's initiative to find additional air defense systems, including Patriot missile systems, and send them to Ukraine

"Up to 3 billion euros ($3.26 billion) this year alone, 90 percent goes for Ukraine's military," Czech Foreign Minister Jan Lipavsky stated on social media platform X.

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According to data from the Council, around 260 billion euros in CBR assets have been immobilized in securities and cash across the jurisdictions of the G7 partners, the EU, and Australia. More than two-thirds of these frozen assets are held within the EU.

Ukraine's air defense boost

Ukrainian President Volodymyr Zelensky discussed strengthening Ukraine's air defense with visiting German Foreign Minister Annalena Baerbock on Tuesday, the presidential press service reported.

At their meeting in Kyiv, Zelensky and Baerbock discussed Germany's initiative to find additional air defense systems, including Patriot missile systems, and send them to Ukraine.

They also talked about the possibility of delivering anti-aircraft missile systems from Germany to Ukraine soon.

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Zelensky informed Baerbock in detail about the situation on the frontlines of the Russia-Ukraine conflict and thanked Germany for its military support and financial assistance.

Baerbock arrived in Ukraine earlier in the day for her seventh visit since the start of the full-scale conflict.

The "global initiative" for enhanced air defense in Ukraine, which was launched by Germany, has raised some 1 billion euros (about $1.09 billion) for Ukraine's air defense forces, according to Baerbock.