EU ambassadors agreed on the transfer of the proceeds from taxed excess profits of frozen Russian assets to Ukraine.

The Belgian Presidency of the Council of the EU 2024 reported on this.

At the meeting held on May 8, they decided to agree on measures to deal with extraordinary proceeds from Russia’s immobilized assets.

The decision of the Permanent Representatives is yet to be finalized by the Council of the European Union.

However, the funds could reportedly be used to rebuild Ukraine and support Ukrainian defense.

The money will serve to support #Ukraine’s recovery and military defense in the context of the Russian aggression,” the Belgian Presidency of the Council of the EU 2024 added.

Ministers still need to approve the legal text that will see 90% of the proceeds go into an EU-run fund for military aid for Ukraine.

The other 10% going to support Ukraine in other ways.

As previously reported, the Group of Seven countries froze around $300 billion worth of Russian financial assets.

The United States has proposed seizing the assets in their entirety, but Europe has balked.

The EU has estimated that windfall profits from the assets held in the bloc will total between 15 and 20 billion euros ($37.6 billion) by 2027.

Militarnyi previously reported that Belgium is ready to use the €1.7 billion received from frozen Russian assets to finance Ukraine’s defense needs.