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