Leaders of the 27 European Union member states have taken note of the European Commission’s proposed mechanism of using frozen Russian assets, but failed to approve it, according to their joint statement released on Thursday, Paralel.Az reports citing TASS.

"The European Council reiterates its call for decisive progress, in coordination with partners, on how extraordinary revenues held by private entities stemming directly from Russia’s immobilised assets could be directed to support Ukraine and its recovery and reconstruction, consistent with applicable contractual obligations, and in accordance with EU and international law. In this context, it takes note of the recent proposals on extraordinary revenues stemming from immobilised Russian assets," the document says.