EU countries on Tuesday approved a plan to use proceeds from frozen assets of the Russian Federation to help Ukraine, Czech Foreign Minister Jan Lipavsky said.

"We have approved in the EU using revenues from Russia's central bank's frozen assets to help Ukraine," he wrote on X Social Network.

According to Lipavsky, this procedure will generate up to EUR 3 billion this year, and 90% of this amount is planned to be used to support the Ukrainian army.

The decision will come into force as soon as it is published in the EU Official Journal.

Later, on Tuesday, the European Council issued a statement confirming the adoption of a set of legal acts ensuring the use of net profits from immobilized Russian assets. According to it, the funds "will be used for further military support to Ukraine, as well as its defence industry capacities and reconstruction."

Bloomberg reported that, under the EU's plans, Ukraine will receive the net profits from February 15 onwards.

The assets are expected to generate about EUR 5 billion a year, with Ukraine receiving the aid twice a year.