The money, which will provide crucial economic and defense assistance to Ukraine in 2025, is part of a coordinated effort by the US and the EU to support Ukraine, Blinken said. Ukraine’s international partners are determined to provide “the resources it needs to sustain its economy and to sustain its defense.”

The EU has frozen roughly 235 billion USD of Russian funds since Russia launched its “special military operation” in Ukraine in 2022, the vast bulk of immobilised Russian assets worldwide. About 90% of these assets are being held by Belgium-based securities depository Euroclear.