The European Commission set out preliminary plans on Wednesday to use profits from Russian Central Bank assets, frozen in the European Union due to sanctions, to fund weapons for Ukraine and support the Ukrainian arms industry. Altogether €210 billion ($227 billion) in Russian Central Bank assets are frozen in the EU. The commission estimates the profits at between €2.5 billion and €3 billion for 2024. Of these profits, 97% should be used to support Ukraine, according to EU officials, with the remaining 3% to be used by financial institutions holding the assets for administrative costs. Top EU…