27 July 2024

EU to transfer 1.5 Billion Euros In Proceeds To Ukraine From Frozen Russian Assets...G7 was LIKELY to have a framework deal on the loan for Ukraine's defense and reconstruction BY OCTOBER

On July 25, EU Economic Commissioner Paolo Gentiloni said the G7 was likely to have a framework deal on the loan for Ukraine's defense and reconstruction by October, according to Euractiv.com.

NEWS WORLDWIDE

European Commission President Ursula von der Leyen has announced that the European Union will send Ukraine 1.5 billion euros ($1.63 billion) that represent revenues from Russian assets frozen by the 27-member bloc. Radio Liberty reports

"Today we transfer 1.5 billion in proceeds from immobilized Russian assets to the defense and reconstruction of Ukraine," von der Leyen wrote on Twitter. "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."

Following Moscow's unprovoked invasion of Ukraine in February 2022, the West froze some 276 billion euros ($300 billion) in sovereign Russian wealth funds and the Group of Seven (G7) industrialized countries last month decided to service a $50 billion loan for Ukraine with proceeds generated by Russia's frozen assets, prompting Moscow to threaten legal action.

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