EU member states have agreed to allocate up to €3 billion annually from frozen Russian assets to support Ukraine's military defense and recovery.

Belgium, holding the current EU presidency, is contributing the majority of these funds.

The agreement is pending official endorsement but aims to ensure Ukraine receives additional support before summer.

From 2025, a common fund will be established to manage tax revenues from the frozen assets to further aid Ukraine.

The European Central Bank is tasked with managing the emergency buffer created by the assets' tax proceeds.

EU finance ministers are expected to ratify the agreement next week.

G7 leaders will discuss a US-led plan to provide Ukraine with up to $50 billion, partly financed by Russian asset profits.