EU Leaders Approve Using Frozen Russian Assets to Aid Ukraine Reconstruction

EU leaders have approved plans to use profits generated by frozen Russian state assets for the reconstruction of Ukraine. The majority of the $300 billion of Russian foreign reserves frozen by countries participating in sanctions are held in the EU. The EU has suggested taxing the profits from these assets for Ukraine's benefit, but concerns have been raised by the European Central Bank and some EU capitals. Commission President Ursula von der Leyen has asked for a mandate to make legal proposals, supported by a statement from G7 finance ministers. The decision comes after discussions at the European Council summit in Brussels, and proposals are expected within the year.