EU seals a deal on using profits from frozen Russian assets to help arm Ukraine

BRUSSELS (AP) — European Union countries have reached an agreement to use the profits earned from frozen Russian assets to help arm Ukraine and rebuild the war-torn country. The 27-nation EU is holding around $225 billion in Russian central bank assets in retaliation for Moscow’s war against Ukraine. Most of it is frozen in Belgium. Interest generated from the funds could raise around $3.3 billion each year. EU headquarters said Tuesday that 90% of the money would be put into a special fund known as the European Peace Facility. Many countries already use this to get reimbursed for arms and ammunition they send to Ukraine. The other 10% would be put into the EU budget. Some funds could be available in July.