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Tuesday, July 16, 2024

Russia “will pay for the consequences of aggression.” Decision of EU ministers

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Foreign ministers of European Union countries decided on Monday to transfer to Ukraine at least EUR 1.2 billion of profits from the frozen assets of the Russian central bank. The money will support the defenders of Ukraine, said the head of Polish diplomacy, Radosław Sikorski.

Sikorski wrote on X that “the first interest on frozen Russian assets in the amount of at least EUR 1.2 billion will go to the heroic defenders of Ukraine this summer.” “The aggressor will pay for the consequences of aggression,” he emphasized.

This is about money from the Russian central bank frozen in European banks. Most of the EUR 210 billion of blocked Russian assets are located in… Belgium. The EU agreed to use the profits generated by the stranded money to buy weapons for Ukraine. They will be transferred to Kiev under the Fund for Assistance to Ukraine (FPU) specially established for this purpose.

How a potential veto by Hungary was bypassed

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For fear of a veto Hungarian, which has been blocking the transfer of almost EUR 7 billion in support from the European Peace Facility for almost a year, a special legal procedure was used in the case of the FPU. Hungary cannot decide on the transfer of profits from frozen assets because it abstained from the vote on the establishment of the FPU itself. The first tranche of support under the FPU will amount to EUR 1.2 billion to EUR 1.4 billion. Sikorski takes part in the meeting of foreign ministers in Luxembourg on Monday. The foreign ministers of EU countries also approved the imposition of… Russia 14th sanctions package, which provides for, among others, the introduction of: a ban on the re-export of Russian liquefied gas from European ports.

Main photo source: PAP/EPA/IGOR TKACHENKO

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