Today, the European Union will transfer EUR 1.5 billion in proceeds from frozen russian assets to the defense and reconstruction of Ukraine.
Ursula von der Leyen, the President of the European Commission, announced this on X (formerly Twitter), the Ukrainian News agency reports.
“The EU stands with Ukraine. Today we transfer €1.5 billion in proceeds from immobilised Russian assets to the defence and reconstruction of Ukraine. There is no better symbol or use for the Kremlin’s money than to make Ukraine and all of Europe a safer place to live,” she wrote.
As the Ukrainian News agency earlier reported, Defense Minister Rustem Umierov announced that Ukraine would receive the first tranche of proceeds from frozen russian assets in early August, the funds would be spent, in particular, on the purchase of air defense equipment and ammunition, as well as support for Ukrainian manufacturers.
On May 21, 2024, the EU Council decided to transfer 90% of the frozen assets of the russian federation to the Ukraine Assistance Fund, which is part of the European Peace Facility. The total amount of interest from the frozen assets of the russian federation will amount to EUR 2.5-3 billion annually.
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