EU seeks to raise 15 billion euros for Ukraine from Russia's frozen assets: Report

"It's important to look at how we can use Russian immobilised assets to support Ukraine," European Commission Executive Vice President

The European Union will propose on Tuesday to ringfence profits generated from Russia's frozen assets in the EU, aiming to eventually collect up to 15 billion euros ($16.14 billion) for Ukraine's benefit, the Financial Times reported on Monday.

European Union flags (Reuters)

"It's important to look at how we can use Russian immobilised assets and proceeds from those immobilised assets to support Ukraine," European Commission Executive Vice President Valdis Dombrovskis told the FT.