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EU looks to raise 15 billion euros from frozen Russian assets to aid Ukraine

Ukrainian President Volodymyr Zelenskyy. (The Presidential Office of Ukraine)

This article was originally published by Radio Free Europe/Radio Liberty and is reprinted with permission.

The European Union on December 12 will unveil a plan to set aside profits generated from frozen Russian assets in the EU with the aim of eventually raising 15 billion euros ($16.1 billion) to benefit Ukraine, The Financial Times reported on December 11.

The report said the European Commission’s plan had previously been delayed after several EU members and the European Central Bank raised legal and financial concerns about it.

“It’s important to look at how we can use Russian immobilized assets and proceeds from those immobilized assets to support Ukraine,” Commission Executive Vice President Valdis Dombrovskis told the newspaper.