European Union diplomats have agreed on a law to use windfall profits generated from Russian central bank assets frozen in the bloc for Ukraine's defence, two sources familiar with the matter have told the Reuters news agency.
In March, the EU's foreign policy chief, Josep Borrell, proposed taking 90% of revenues from Russian assets frozen in Europe and transfer them to an EU-run fund that finances weapons for Ukraine.
Some 70% of all Russian assets immobilised in the West are held in the central securities depository Euroclear in Belgium, which has the equivalent of £163bn worth of Russian central bank securities and cash.
