€1.5 bln worth of proceeds from Russian assets
The funds will not go directly to Kiev, they will be channeled to the EC, to the European Peace Facility, to compensate EU countries for weapons
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BRUSSELS, July 26. /TASS/.
The EU has expropriated and transferred a €1.5 bln tranche for Ukraine to the European Commission (EC) using proceeds from the reinvestment of frozen Russian assets, the European Commission said.
The next tranche is expected in March 2025.
"Today we transfer €1.5 billion in proceeds from immobilized Russian assets to the defense and reconstruction of Ukraine," EC President Ursula von der Leyen wrote on her page on X social media.
Concurrently, the EC published a document explaining how the funds transfer would work. According to the document, the funds will not go directly to Kiev. Instead they will be channeled to the EC, to the European Peace Facility, to compensate EU countries for weapons.
"The money will now be channeled through the European Peace Facility and to the Ukraine Facility to support Ukraine's military capabilities as well as to support the country's reconstruction," the European Commission said.
- "90% of the financial contribution from the extraordinary revenues will go to the European Peace Facility (EPF) and
- 10% will go to the Ukraine Facility to support Ukraine's military and reconstruction needs, respectively," according to the EC’s explanations.
The European Commission also said that so far proceeds have only been collected from assets blocked at Euroclear Belgium.
Consequently, in reality the funds have simply been transferred from accounts in Euroclear to the EC.
- They are based on the decree passed by the EC in January 2024, saying that revenues from reinvestment of frozen Russian assets are allegedly not owned by Russia.
- Most experts both in Russia and globally consider this reasoning legally flawed.
- It is akin to saying that dividends from a bank deposit are not owned by the owner of this deposit.
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27 Jul, 03:54
The central battlegroup defeated six Ukrainian brigades
MOSCOW, July 27. /TASS/.
Russia’s battlegroup Center has liberated the settlement of Lozovatskoye in the Donetsk People's Republic (DPR), the Defense Ministry said.
- "The central battlegroup liberated the settlement of Lozolvatskoye in the Donetsk People's Republic.
- In addition, it defeated six Ukrainian brigades near DPR’s Toretsk, Ivanovka, Ukrainsk, Novgorodskoye, Shcherbinovka and Novoselovka Pervaya," the statement said.
Battlegroup North defeats five Ukrainian brigades in Kharkov Region
Russia’s battlegroup North has defeated five Ukrainian brigades and repelled two counterattacks over the day, the Defense Ministry said.
Russia’s battlegroup South has eliminated up to 540 Ukrainian servicemen and destroyed four armored vehicles and a number of field artillery guns, the Defense Ministry said.
Russia’s battlegroup North has defeated five Ukrainian brigades and repelled two counterattacks over the day, the Defense Ministry said.
- "The northern battlegroup defeated the manpower and equipment of four Ukrainian and one territorial defense brigades near Liptsy, Tikhoye, Petrovka, Bayrak and Volchansk in the Kharkov Region," the ministry said, adding that the Ukrainian forces lost up to 165 servicemen, three armored combat vehicles, two pickup trucks, a US-made 155 mm howitzer M777 howitzer, two ammunition depots and four 122 mm D-30 howitzers.
Russia’s battlegroup South has eliminated up to 540 Ukrainian servicemen and destroyed four armored vehicles and a number of field artillery guns, the Defense Ministry said.
- "The southern battlegroup took more advantageous lines and positions, defeated the manpower and equipment of five Ukrainian brigades near Stupochka, Katerinovka, Maximilianovka and Seversk of the Donetsk People's Republic. The Ukrainian losses amounted to up to 540 servicemen, four armored combat vehicles, five vehicles," the statement said.
The Russian armed forces destroyed two Ukrainian electronic warfare stations and a warehouse of aircraft defeat equipment, the Defense Ministry said.
Russia’s battelgroup Center repelled three Ukrainian counterattacks over the day, the Defense Ministry said.
Russia’s Battlegroup Center eliminated up to 425 Ukrainian servicemen, the Defense Ministry said.
Russian air defenses downed ten HIMARS rockets and 81 drones over the day, the Defense Ministry reported.
According to the ministry, a total of 630 aircraft, 278 helicopters, 28,545 drones, 556 anti-aircraft missile systems, 16,698 tanks and other armored combat vehicles, 1,390 multiple rocket launchers, 12,446 field artillery and mortars, 24,115 units of special military vehicles have been destroyed since the beginning of the special military operation.
- "The Russian forces destroyed two electronic warfare stations, a warehouse of aviation defeat equipment and an ammunition depot, as well as defeated the accumulations of the Ukrainian manpower and military equipment in 124 areas over the past 24 hours," the statement said.
Russia’s battelgroup Center repelled three Ukrainian counterattacks over the day, the Defense Ministry said.
- "The battlegroup repelled three counterattacks by assault groups of the Ukrainian 31st, 151st mechanized and 95th airborne assault brigades," the statement said.
Russia’s Battlegroup Center eliminated up to 425 Ukrainian servicemen, the Defense Ministry said.
- "The enemy lost up to 425 servicemen, a tank, two armored personnel carriers, including a US-made M113 APC, five vehicles, a 122 mm Gvozdika howitzer, two 122 mm D-30 howitzers," the statement said.
Russian air defenses downed ten HIMARS rockets and 81 drones over the day, the Defense Ministry reported.
- "The air defenses shot down 10 US-made HIMARS rockets, 81 drones, including 37 outside the special operation zone," the statement said.
According to the ministry, a total of 630 aircraft, 278 helicopters, 28,545 drones, 556 anti-aircraft missile systems, 16,698 tanks and other armored combat vehicles, 1,390 multiple rocket launchers, 12,446 field artillery and mortars, 24,115 units of special military vehicles have been destroyed since the beginning of the special military operation.
Battlegroup East wipes out up to 125 enemy servicemen
Russia’s Battlegroup East eliminated up to 125 Ukrainian servicemen over the past day, the Defense Ministry said.
Russia’s battlegroup East has improved its frontine positions and defeated the manpower and equipment of three Ukrainian brigades over the day, the Defense Ministry reported.
Russia’s battlegroup Dnepr has defeated four Ukrainian brigades over the past 24 hours, wiping out up to 85 enemy servicemen, the Defense Ministry said.
Russia’s battlegroup West has defeated seven Ukrainian brigades, as well as the Azov special forces (banned in Russia, recognized as terrorist), the Defense Ministry said.
Russia’s Battlegroup East eliminated up to 125 Ukrainian servicemen over the past day, the Defense Ministry said.
- "The enemy has lost up to 125 servicemen, two armored combat vehicles, nine vehicles, a US-made 155 mm M777 howitzer, a 152 mm D-20 howitzer, a 122 mm D-30 howitzer and a US-made AN/TPQ-36 counter-battery radar," the statement said.
Russia’s battlegroup East has improved its frontine positions and defeated the manpower and equipment of three Ukrainian brigades over the day, the Defense Ministry reported.
- "The eastern battlegroup improved frontline positions and defeated the manpower and equipment of three Ukrainian territorial defense brigades near Neskuchnoye, Vremevka and Velykaya Novoselka of the Donetsk People's Republic," the statement said.
Russia’s battlegroup Dnepr has defeated four Ukrainian brigades over the past 24 hours, wiping out up to 85 enemy servicemen, the Defense Ministry said.
- "The Dnepr battlegroup defeated four Ukrainian brigades near Nesteryanka, Rabotino of the Zaporozhye Region, Tyaginka and Poniatovka of the Kherson Region," the statement said.
Russia’s battlegroup West has defeated seven Ukrainian brigades, as well as the Azov special forces (banned in Russia, recognized as terrorist), the Defense Ministry said.
- "The western battlegroup improved frontline positions, and defeated the Ukrainian, territorial defense, National Guard, as well as Azov special purpose brigades near Sinkovka, Tabayevka of the Kharkov Region,
- Makeyevka, Nevskoye, Stelmkhovka of the Lugansk People's Republic and
- Krasny Liman of the Donetsk People's Republic.
- The Ukrainian armed forces lost up to 570 servicemen," the statement said.
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European Union transfers $1.6 billion raised from frozen Russian assets to Ukraine
European Union transfers $1.6 billion raised from frozen Russian assets to Ukraine
The European Union announced that it had transferred 1.5 billion euros ($1.6 billion), the first tranche of money generated from profits on frozen Russian assets, to support Ukraine.
- EU says money was part of sanctions packages in retaliation for Russia's invasion on Ukraine
- The funds will support Ukraine's defense and reconstruction
- Ukraine was worried about financial support after Russia's fresh advancement
The European Union announced Friday it had made 1.5 billion euros ($1.6 billion) available to support Ukraine, the first tranche of money generated from profits on frozen Russian assets.
In May, the EU’s 27 member states reached an agreement to use the interest earned on some 210 billion euros ($225 billion) in Russian central bank assets for military support for Ukraine and rebuilding efforts in the war-torn country.
The money, most of which is held in Belgium, was frozen as part of sanctions packages in retaliation for Moscow’s full-scale invasion.
- Brussels estimates that the interest on those assets could provide around 3 billion euros each year. . .
Euroclear Depository Earns €3 Billion from Frozen Russian Assets - Ukraine Could Benefit
By Mykola Lesiv
10.27.2023 12:00
- This information is included in Euroclear's financial report for the first nine months of 2023.
High interest rates.
The amount of money Euroclear is obligated to invest.
Therefore, future earnings will depend on changes in interest rates and the size of invested funds in the context of the evolving sanctions regime.
The amount of money Euroclear is obligated to invest.
Therefore, future earnings will depend on changes in interest rates and the size of invested funds in the context of the evolving sanctions regime.
- Euroclear expects that the growth of its cash balance will start stabilizing as the pace of blocked payments and repayments decreases.
- Euroclear's management notes that the European Commission is considering various ways to use the profits earned from sanctioned assets to fund Ukraine's reconstruction.
- Currently, the EU has postponed a decision on implementing a special tax due to disagreement among several member states, including Germany and France.
A significant portion of these funds is held in Euroclear depository.
- Additionally, the EU has frozen €24.1 billion in assets belonging to Russians and Russian companies subject to sanctions.
- Recently, the United States also froze $8 billion in Russian assets.
- Currently, the United States and the European Union are exploring legal avenues to utilize the entire $300 billion of frozen Russian assets for the benefit of Ukraine.
- Meanwhile, Ukraine hopes to receive $300-500 billion from such assets.
On September 7, the United States announced that they would transfer confiscated assets of Russian oligarchs to Ukraine for the first time. This involves $5.4 million, which will go towards supporting Ukrainian veterans.
As previously reported by The Gaze, the Estonian government approved and submitted a resolution to parliament on directing frozen Russian assets towards compensating the losses suffered by Ukraine due to the war.
As previously reported by The Gaze, the Estonian government approved and submitted a resolution to parliament on directing frozen Russian assets towards compensating the losses suffered by Ukraine due to the war.
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The move comes days after Moscow announced it had recaptured two villages in Eastern Ukraine. A recent push by Kremlin forces in eastern and northeastern Ukraine has made incremental gains and Kyiv is worried that without financial support, Russia may advance further.
- EU headquarters said that 90 per cent of the money would be put into a special fund known as the European Peace Facility that many EU countries already use to get reimbursed for arms and ammunition they send to Ukraine.
The other 10% would be put into the EU budget.
The programs that this money funds would help to bolster Ukraine’s defense industry or to help with reconstruction, should some countries object to their share being used for military purposes.
ABOUT EUROPEAN PEACE FACILITY
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