"International Efforts to Utilize Frozen Russian Assets for Ukraine Reconstruction Gain Momentum"

The EU has passed a law to set aside windfall profits from frozen Russian central bank assets, marking the first step towards using the funds to finance the reconstruction of Ukraine. The law prohibits institutions holding these assets from using net profits and requires them to keep revenues separate, potentially carving out around 15 billion euros for Ukraine over the next four years. The EU has also agreed to allocate 50 billion euros in aid to Kyiv, while the Kremlin has warned that any attempt to use the frozen assets for Ukraine would be illegal and lead to years of litigation.