EU to fund Ukraine aid using frozen Russian assets, plans 15th sanctions package
The European Union will provide Ukraine with €1.5 billion in monthly assistance for a full year starting in January, funded by proceeds from frozen Russian assets, European Council President António Costa announced during a 1 December visit to Kyiv.
‘This money comes from the proceeds of Russia’s frozen assets and can also be used for military purposes,’ Costa stated at a joint press conference with Ukrainian President Volodymyr Zelenskyy.
The announcement comes alongside preparations for a new round of restrictions against Moscow.
‘We will also increase the pressure on the Russian economy and further weaken Russia’s ability to wage war. We are preparing a 15th sanctions package against Putin’s regime,’ Costa said during his first official visit as Council President.
The visit, which included High Representative Kaja Kallas and Enlargement Commissioner Marta Kos, coincided with the anniversary of Ukraine’s independence referendum. Costa emphasised the EU’s commitment to Ukrainian sovereignty, stating that ‘rewarding the aggressor would be a threat to the entire international community.’
The EU will also provide an additional €4.2 billion in budgetary support to Ukraine this month, according to Costa’s remarks.
Meanwhile, the EU Parliament adopted a resolution calling for expanded sanctions targeting ‘sectors of special economic importance’ for Russia, including ‘metallurgical, nuclear, chemical, agricultural and banking sectors, and on Russian raw materials.’
‘MEPs urge the EU member states to further strengthen the sanctions regime’ against Iran, Belarus and North Korea for their military support of Russia, the 28 November resolution stated, warning that continued Chinese assistance ‘risks seriously affecting bilateral EU-China relations.’
