EU leaders approved a joint statement on the confiscation of a significant amount of the excess profits received from the frozen assets of the Russian Federation and their transfer to Ukraine.
This was announced by the President of the European Commission Ursula von der Leyen at a press conference following the EU leaders' Summit.
The agreement was concluded on Thursday, March 21, in the evening after almost a year of negotiations on the legal basis for an effective sequestration of €190 billion.
Currently, it is not known how the funds will be distributed, but the published proposal is to use 90% for military needs and 10% for reconstruction and recovery of Ukraine.
According to Ursula von der Leyen, the "first billion" of excess profits (about €3 billion) from frozen Russian assets could be paid out as early as July 1.
EU leaders agreed to move forward with the use of the money to support Ukraine.
The European Council also called for the approval of the negotiation framework for Ukraine's accession to the EU as soon as possible
"The European Council welcomes the progress of Ukraine and the Republic of Moldova in advancing on the necessary reforms on their EU path. Further to the submission of the draft negotiating frameworks for Ukraine and the Republic of Moldova, the European Council invites the Council to swiftly adopt them and to take work forward without delay," reads paragraph 31 of the European Council statement.
Earlier, Ukraine received the first tranche of EUR 4.5 billion from the EU under the Ukraine Facility program.