A temporary trust fund to handle the money to be sent to the Palestinians could be set up by June, the European Union said on Monday.
The EU, however, wants to ensure that the Palestinian government is not in control of the funds.
The government, which has been formed by Hamas in February of 2006, has expressed acceptance to the idea that the EU funds to be transferred to and managed by the office of the Palestinian President Mahmoud Abbas.
The EU and the United States froze hundreds of millions of dollars in direct aid the Palestinian government after the Hamas won legislative elections in January.
"We cannot have business as usual" with the Hamas-led government until it recognizes Israel and denounces violence, said EU External Relations Commissioner Benita Ferrero-Waldner.
Hamas has expressed on Sunday that it would study the document known as the National Reconciliation, which has an implicit recognition of Israel as it calls for the establishment of a Palestinian state on the land occupied in 1967 namely the West Bank and the Gaza Strip.
On the other hand Russian Deputy Foreign Minister Alexander Saltanov, said his country is ready to provide additional aid to the Palestinian Authority.
Summing up the results of a meeting between President Vladimir Putin and Abbas on Monday, Saltanov said Russia is ready to provide additional aid to Palestine, but such request is not made.
Putin and Abbas “discussed different forms of our contribution to the Palestinian Authority. Concrete request was not made. When we have concrete addresses, they will be thoroughly studied and we’ll find ways to carry out them,” Saltanov stressed.
Yet, the "sanctions" are still imposed on the Palestinians. This has plunged the West Bank and Gaza into a financial crisis.
So far, around 165 thousands PA employees did not receive their pay checks for March and April, meanwhile Israel is still holding around $100 million due to the Palestinian Authority from the tax revenue.
The fund would be held by an international organization such as the World Bank, the International Monetary Fund or the United Nations and jointly controlled by the Quartet members to avoid direct contact with Hamas.
The crisis has escalated in the Palestinian areas when the Israeli energy company decided to stop providing the Palestinians with fuel until they pay the debt, while Israel is holding Palestinian money.
The company resumed providing fuel after the Palestinian President Mahmoud Abbas pledged to pay $27 million for fuel. The debt now has increased up to $90 million and the crisis is expected to escalate again.