EU proposes using profits from frozen Russian assets to support Ukraine

The European Union has proposed using the interest from the Russian central bank's frozen assets to support Ukraine.

The European Commission, the EU's executive body, proposed the plan to its member states on Wednesday.

The EU has frozen the assets worth about 210 billion euros, or nearly 230 billion dollars, as part of its sanctions following Moscow's invasion of Ukraine. The assets are expected to earn annual interest worth around 2.7 to 3.2 billion dollars.

Under the proposal, 90 percent of the revenues would be allocated to aid for the Ukrainian military. Ten percent would be used to help rebuild the country and bolster its defense industry.

The EU leaders will discuss the proposal at a summit meeting that begins on Thursday.

The United States is showing eagerness to confiscate and use Russian assets, but the EU is taking a cautious stance. France, Germany and other members are reportedly questioning the legality of such a move. They are also expressing fears of retaliation by Russia.