The European Union has approved the use of 3 billion euros in frozen assets to purchase weapons for Ukraine. Justice Minister Denys Malyuska said that this funding is not large for the ongoing war. According to him, Ukraine needs much more.
The annual €3 billion package, consisting of profits from frozen Russian assets, will barely cover Ukraine's military needs, Minister Maluska confirmed at the G7 Justice Ministers' meeting in Italy.
The EU has approved a plan to use profits from investing frozen Russian assets in Europe to purchase weapons for Ukraine. Since Russia's full-scale invasion of Ukraine in February 2022, the EU has frozen more than €200 billion in Russian state assets to help Kyiv.
Foreign Minister Dmytro Kuleba warned that Ukraine will definitely receive money for post-war reconstruction from frozen Russian assets. The minister also noted that there are three elements of frozen assets that Ukraine can count on: the assets themselves, the income from these assets, and the taxes on these income.
It is predicted that using frozen Russian assets to support Ukraine would be a just and legitimate response to Russia's aggression against Ukraine. It would also send the right signal to potential aggressors around the world.
At the same time, the number of millionaires increased during the invasion of Ukraine. According to the State Tax Service, 1,800 Ukrainians declared incomes of over 1 million hryvnias, and hryvnia millionaires live mainly in the capital, Kharkiv region, and Dnipropetrovsk region.
