Media reports say the European Union has developed a plan to use profits generated from frozen Russian assets to help Ukraine.

The Financial Times reported on December12 that the plan provides for setting aside profits generated from frozen Russian assets in the EU with the aim of eventually raising 15 billion euros (US$16.1 billion) to benefit Ukraine.  

The New York Times, citing an official involved in the process who was not authorized to speak about it publicly,  says the plan has the potential to provide Ukraine up to 3 billion euros ($3.25 billion) a year from 2023 to 2027.

The proposal still has a way to go before it can be implemented.  It must be approved by the European Parliament and all 27 member states, and is expected to face resistance from some countries.  According to the official, France, Germany and Italy expressed objections and Hungary has been blocking a separate financing mechanism for Kyiv, which the leaders are expected to discuss at a summit later this week.

Recall, the European Commission's plan had previously been delayed after several EU members and the European Central Bank raised legal and financial concerns about it.