There is no plan yet for the distribution of funds; EU summit participants agreed to continue working on this issue.
The leaders of the European Union made a “political” decision to use the proceeds from Russia’s fixed assets for Ukraine, but there is no action plan. This was said on Thursday, March 21, by the President of the European Commission, Ursula von der Leyen on briefing following the results of the first day of the EU summit.
“I told the leaders that if we quickly accept the proposal today, we will be able to distribute the first billion in July,” von der Leyen said.
A joint statement following the first day of the summit said its participants agreed to “continue work” on this issue.
According to The Guardian, nothing has been decided on the distribution of funds, but the proposal is to use 90% for military purposes and 10% for reconstruction, with the possibility of redirecting some of the money to EU funding for peacekeeping missions around the world to meet Hungary’s needs.
The move is still not without legal risk, it said. There is a possibility that the money will have to be returned if Russia initiates a case.
The Kremlin on Wednesday said the move was a “gross violation of international law.” However, the diplomats of the European Union agreed that the income or interest received from the fixed assets will be used to benefit Ukraine.
It was previously reported that Hungary is blocking the confiscation of the Russian Federation’s frozen assets. They say that money should be used for anything, but not weapons for Ukrainians.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.