The milestone agreement is a key victory for a country torn by the war.

The European Union High Representative for Foreign Affairs and Security Policy, Josep Borrell announced on 22 January that the bloc’s foreign ministers have reached a political agreement to transfer the profits from the frozen Russian assets in the E.U. to Ukraine.

"I'm almost sure this will be finalized soon… Discussions will continue on the level of ambassadors, but I see that the agreement is coming," Borrell told the media in Brussels. 

Under the plan, Ukraine could receive about 15 billion euros (16.2 billion U.S.

dollars) from the assets the Russian Central Bank holds in E.U. countries.

The decision, which took just one month to materialize (since 12 December), will be tabled at the next meeting of the E.U. Foreign Affairs Council, on 19 February.

Overall, the West has frozen Russian sovereign assets worth more than 300 billion dollars since Moscow invaded Ukraine, with two thirds being deposited in E.U. banks. The U.S. has frozen only 5 billion dollars worth of Russian assets.

More to read:
When will Ukraine join the European Union?

Borrell did not disclose any details of the voting and it’s not clear whether the decision is unanimous or a majority-based one. It is almost certain that Hungary – and perhaps Slovakia – will challenge it. The two countries have been supportive of Vladimir Putin’s regime and made it clear they would block any decision that hurt the Kremlin.

Before Ukraine gets anything, the proposal must be approved by the European Parliament and all 27-member states.

***
NewsCafe is a small, independent outlet that cares about big issues. Our sources of income amount to ads and donations from readers. You can buy us a coffee via PayPal: office[at]rudeana.com.