Brussels, May 21 (IANS): The Council of the European Union (EU) announced on Tuesday that ministers from EU member states have agreed to use proceeds from frozen assets of the Central Bank of Russia (CBR) to support Ukraine's military efforts, reports Xinhua News Agency.

Under the agreement, 90 per cent of the profits from these assets will be allocated to the European Peace Facility, an EU-run fund providing military aid for Ukraine. The remaining 10 per cent will bolster Ukraine's defence industry capacities and reconstruction needs.

"Up to 3 billion euros (3.26 billion U.S. dollars) this year alone, 90 per cent goes for Ukraine's military," Czech Foreign Minister Jan Lipavsky stated on social media platform X.

According to data from the Council, around 260 billion euros in CBR assets have been immobilized in securities and cash across the jurisdictions of the G7 partners, the EU, and Australia. More than two-thirds of these frozen assets are held within the EU.