Foreign minister welcomes EU progress on utilizing frozen Russia assets
Minister of Foreign Affairs Margus Tsahkna (Eesti 200) has welcomed an agreement by representatives of the EU27 to use windfall profits from Russian central bank assets frozen inside member states, and to reroute them as crucial military aid to Ukraine.
Tsahkna said: "This agreement will provide Ukraine with an additional approximately €2.5 billion each year, to defend itself against Russian aggression."
Utilizing the income from Russia's frozen assets to aid Ukraine is but the first step towards holding the aggressor accountable for the destruction it has committed in Ukraine, the minister added.
"We must also continue working to make use of the principal assets, as the majority of the Russian state assets, which amount to €300 billion, are primarily located in Europe," the minister went on, via a press release.
Prime Minister Kaja Kallas (Reform) also welcomed the "Crucial decision by the EU to hand over profits from Russian frozen assets, including for military aid to Ukraine.
"Thank you to the EU for efforts to reach the deal. But we can't stop here. We must find a way to use Russia's frozen assets entirely," Kallas continued, via a tweet.
Crucial decision by the EU to hand over profits from Russian frozen assets, including for military aid to Ukraine. Thank you to @EU2024BE for efforts to reach the deal.
— Kaja Kallas (@kajakallas) May 8, 2024
But we can't stop here. We must find a way to use Russia's frozen assets entirely.
Reuters reports that ministers still need to approve the legal text which will see 90 percent of the proceeds go into an EU-run fund for military aid for Ukraine, with the other 10 percent going to support Ukraine in other ways.
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Editor: Andrew Whyte
