Ambassadors from EU member states have agreed in principle to seize windfall profits from frozen Russian assets to finance arms supplies to Kyiv.
In the wake of Russia’s invasion of Ukraine in 2022, EU countries froze hundreds of billions of euros worth of assets.
If the decision is approved at a gathering of EU finance ministers next Tuesday, the interest – worth up to €3bn (£2.5bn) per year – will be used to buy weapons for Ukraine.
The European Commission chief, Ursula von der Leyen, said: “There could be no stronger symbol and no greater use for that money than to make Ukraine and all of Europe a safer place to live.”
European Trade Commissioner Valdis Dombrovskis also welcomed the decision.
He said the funds would have to get to Ukraine as soon as possible, with the first €1bn tranche – to be used “mainly for military support” – ideally reaching the country by summer.
Earlier this week, German Chancellor Olaf Scholz said around 90% of revenues from frozen Russian should be spent on arms purchases for Ukraine.