EU Proposes €90 Billion Ukraine Fund Using Frozen Russian Assets

The European Commission has proposed a new €90 billion fund to support Ukraine. The money would come from either using frozen Russian central bank assets or by borrowing on international markets. Currently, the EU only uses the interest earned on these frozen Russian funds for Ukraine. Some member states, including Belgium, oppose seizing the assets themselves. The proposal requires unanimous approval from all 27 EU member states to proceed. This makes the plan's future uncertain. Separately, the Commission also presented a new strategy. It aims to reduce the European Union's reliance on China for rare earth minerals and other critical materials.