EU Transfers $1.6 Billion from Frozen Russian Assets to Ukraine

_{Photo :president.gov.ua}

The European Union announced on Friday that it had made 1.5 billion euros ($1.6 billion) available to support Ukraine, marking the first tranche of money generated from profits on frozen Russian assets.

In May, the EU’s 27 member states agreed to use the interest earned on approximately 210 billion euros ($225 billion) in Russian central bank assets for military support and reconstruction efforts in Ukraine.

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“The EU stands with Ukraine. Today we transfer 1.5 billion euros in proceeds from immobilized Russian assets to the defense 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,” said European Commission President Ursula von der Leyen in a statement.

The announcement comes days after Moscow claimed to have recaptured two villages in Eastern Ukraine. A recent offensive by Kremlin forces in eastern and northeastern Ukraine has made incremental gains, raising concerns in Kyiv that without financial support, Russia may advance further.

EU headquarters stated that 90% of the money would be allocated to a special fund known as the European Peace Facility, which many EU countries use to get reimbursed for arms and ammunition sent to Ukraine.

The remaining 10% would go into the EU budget. The programs funded by this money would either bolster Ukraine’s defense industry or aid reconstruction, accommodating any countries that object to their share being used for military purposes.

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