Ukraine gets first $1.6bn from frozen Russian assets
EU prepares law on profits from frozen Russian assets for Ukraine, may start to flow as early as July - Bloomberg | УНН
EU transfers EUR 1.5 bn from frozen Russian assets to Ukraine
"Today we transfer EUR 1.5 billion in proceeds from immobilised Russian assets to the defence and reconstruction of Ukraine," she wrote on the X social media platform.
"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 added.
— Ursula von der Leyen (@vonderleyen) July 26, 2024
Ukrainian Prime Minister Denys Shmyhal thanked von der Leyen and the EU "for your steadfast support and this significant contribution to Ukraine’s defence and reconstruction."
— Denys Shmyhal (@Denys_Shmyhal) July 26, 2024
"Together, we are turning adversity into strength and building a safer, more resilient Europe," he said.
Poland's foreign minister this week said that more rapid transfer of frozen Russian assets to Ukraine was technically feasible but required unanimous consent from European Union member states.
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Source: IAR, PAP, Reuters
EU transfers €1.5bn raised from Russian assets for Ukraine
EU member states had agreed in May to use billions of euros in profits from frozen Russian central bank assets to help arm Ukraine and fund its post-war reconstruction.
The EU froze around €200 billion of Russian central bank assets held in the bloc as part of sanctions imposed on Moscow for its invasion of Ukraine in 2022.
About 90% of the funds frozen in the EU are held by Belgium-based international deposit organization Euroclear.
"The EU stands with Ukraine. Today we transfer €1.5 billion in proceeds from immobilised Russian assets to the defence and reconstruction of Ukraine," EU chief Ursula von der Leyen said in a statement.
"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 added.
- The money comes from interest generated from the frozen Russian funds, not the funds themselves, which remain locked away from Moscow.
- Brussels said 90% of the money would go to a central fund used to pay for arms for Ukraine, known as the European Peace Facility.
- The other 10% would go to the EU's separate Ukraine Facility to support the country's reconstruction needs.
- Ukrainian Prime Minister Denys Shymgal thanked the EU for its support.
- "Thank you von der Leyen and the EU for your steadfast support and this significant contribution to Ukraine's defence and reconstruction," he said on social media.
- "We are grateful to the EU for taking this vital step. This transfer will help us strengthen our defence capabilities," the Ukrainian defence ministry said.
"This is reason, of course, for thoughtful actions in response to such illegal decisions, which are implemented by the European Union," Dmitry Peskov, Russian President Vladimir Putin's spokesman told journalists.
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