EU Leaders Unveil Bold Measures: Frozen Russian Assets to Fund Ukrainian Aid

World » EU | March 22, 2024, Friday // 08:45
Bulgaria: EU Leaders Unveil Bold Measures: Frozen Russian Assets to Fund Ukrainian Aid

European leaders have unveiled a series of decisive measures aimed at bolstering support for Ukraine and strengthening the European Union's defense capabilities, following a high-stakes meeting chaired by European Council President Charles Michel and European Commission President Ursula von der Leyen.

Amid escalating tensions with Russia, Michel and von der Leyen announced plans to utilize profits from frozen Russian assets to provide critical military aid to Ukraine. Expressing unanimous backing from European leaders, they emphasized the urgency of supporting Ukraine's defense efforts in the face of Russian aggression.

Von der Leyen outlined a swift timeline for action, indicating that the first tranche of aid, totaling 1 billion euros, could be disbursed as early as July 1. Furthermore, ambitious plans aim to secure approximately 3 billion euros for the entirety of the year, with potential for additional funding in subsequent years.

In addition to financial aid, the European Commission proposed increasing tariffs on grain and oilseed imports from Russia and Belarus. Von der Leyen justified this move as a means to safeguard European markets, prevent the exploitation of trade proceeds by Russia, and thwart the influx of illegally obtained Ukrainian grain into EU markets.

The meeting also marked a significant milestone as EU leaders endorsed the commencement of negotiations with Bosnia and Herzegovina, underscoring the country's progress towards integration into the European Union. Von der Leyen praised Bosnia and Herzegovina's strides towards alignment with EU standards, hailing the decision as historic.

Furthermore, leaders adopted defense conclusions aimed at enhancing defense cooperation and interoperability among member states. Overcoming fragmentation in the defense industry, optimizing spending through joint procurement, and fostering greater interoperability among armed forces emerged as key priorities in ensuring collective security within the European Union.

In a resolute message, Michel affirmed the EU's determination, stating, "The message we're sending is that we're not scared." The bold initiatives unveiled during the meeting underscore the EU's commitment to safeguarding European interests and supporting Ukraine's sovereignty in the face of external threats.

We need your support so can keep delivering news and information about Bulgaria! Thank you!

EU » Be a reporter: Write and send your article
Tags: European Union, Ukraine, Russian, aid

Bulgaria news (Sofia News Agency - is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." (Sofia News Agency - and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria