EU explores using profits from frozen Russian assets to aid Ukraine

The European Union is working on a new mechanism to fund Ukraine using profits generated from frozen Russian assets, European Commission President Ursula von der Leyen said while presenting the EU's 19th sanctions package against Russia, according to Report.

"We must remember that this is Russia's war. The proceeds from its frozen assets can be used to provide Ukraine with a compensation-based loan. The assets themselves will not be touched. Ukraine will repay the loan once Russia pays reparations," von der Leyen stated.

She added that the sanctions are being coordinated with G7 partners under Canada's presidency.

"Europe has stood by Ukraine since the start of Russia's war. We will use every tool to bring this war to an end. I urge EU member states to approve the new sanctions without delay," she concluded.