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EU agrees €3B raid on Russian assets to buy weapons for Ukraine

www.politico.eu EU agrees €3B raid on Russian assets to buy weapons for Ukraine

Late concession by Belgium paved way for deal on using profits to buy ammo for Kyiv’s war effort.

EU agrees €3B raid on Russian assets to buy weapons for Ukraine

Late concession by Belgium paved way for deal on using profits to buy ammo for Kyiv’s war effort.

The EU approved a plan to use the profits generated by investing frozen Russian assets to buy weapons for Ukraine.

Ambassadors meeting in Brussels on Wednesday gave the go-ahead after Belgium signaled a climbdown on the way it treats tax revenue on the cash — the last major obstacle to deal.

The profits generated by investing Russia’s assets immobilized in Belgium— where a large part of the assets frozen in Europe are kept — are worth between €2.5 billion and €3 billion per year.

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