EU

EU to hive €1bn off frozen Russian assets to help Ukraine

European Commission president Ursula von der Leyen said there was “strong support” for the move

Taoiseach Leo Varadkar speaks to the media ahead of an EU summit in Brussels on 21 March. Photo: Gaetan Claessens/European Union

EU leaders have agreed to use part of the proceeds from frozen Russian assets to help fund Ukraine’s military, with a potential €1 billion to be unlocked as soon as the summer.

At a summit in Brussels on Thursday, the 27 leaders, including Leo Varadkar, agreed that the money can be used for military equipment as well as reconstruction.

Around €260 billion in Russian Central Bank assets have been frozen around the world since 2022, ...