Putin armored vehicle
The EU confirmed that $1.6 billion has been made available to help Ukraine, the first portion of money obtained from earnings on Russian frozen assets.
“The EU stands with Ukraine. “Today, we transfer 1.5 billion euros in proceeds from immobilized Russian assets to Ukraine’s defense and reconstruction,” EU leader Ursula von der Leyen said in a statement Friday.
“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 told reporters.
In May, EU member states agreed to use billions of dollars in revenues from blocked Russian central bank assets to assist Ukraine and support post-war reconstruction.
The EU froze approximately $217 billion in Russian central bank assets held in the bloc as part of sanctions imposed on Moscow for its 2022 invasion of Ukraine.
Euroclear, an international deposit organization established in Belgium, holds approximately 90% of the cash frozen in the EU.
The money is derived from the income produced by the frozen Russian funds, not the cash themselves, which remains locked away in Moscow.
According to Brussels, 90% of the money would go to the European Peace Facility, a central fund used to pay for weaponry for Ukraine.
The remaining 10% would be directed to the EU’s separate Ukraine Facility, which would help with the country’s restoration.
Ukrainian Prime Minister Denys Shymgal applauded the EU for their assistance.
“Thank you von der Leyen and the EU for your steadfast support and this significant contribution to Ukraine’s defense and reconstruction,” he commented on social media.
“We are grateful to the EU for taking this vital move. “This transfer will help us strengthen our defense capabilities,” the Ukrainian defense ministry stated.
Russia, meanwhile, blasted the “illegal” action.
