The EU and Ukraine have agreed to release €18.1 billion from Russian assets.

The European Union and Ukraine have signed a memorandum of understanding regarding the provision of macro-financial assistance amounting to €18.1 billion from frozen Russian assets. This was announced by Ukrainian Prime Minister Denys Shmyhal and European Commission Vice President Valdis Dombrovskis.

According to Shmyhal, the €18.1 billion mentioned is part of the G7 package totaling $50 billion, which is backed by revenues from frozen Russian assets.

"Such a step is not just support, but also a precedent for holding Russia accountable for its crimes and the beginning of a process for the aggressor to pay for its brutal war," he added.