EU: Ukraine will receive the first €1.4 billion from revenues from Russian frozen assets at the beginning of August

Ukraine will receive the first tranche of revenues from the frozen assets of the Russian Federation in the amount of €1.4 billion at the beginning of August, already next week.

This was stated by the High Representative of the European Union for Foreign Affairs Josep Borrell at the press conference following the meeting of the ministers of foreign affairs of the EU countries.

Borrell said he "informed ministers of progress on the first tranche of €1.4 billion" at the meeting. "It is expected to be handed over at the beginning of August — next week," he specified.

The chief diplomat of the EU reminded that these funds will be directed to the purchase of priority military equipment for Ukraine — anti-aircraft defense and artillery shells, as well as to the support of the Ukrainian defense industry.

In general, as Borrell noted, one of the key issues of the meeting was the need to strengthen Ukraineʼs air defense, especially in view of Russiaʼs latest attacks on the civilian population, in particular on a childrenʼs hospital in Kyiv. And also the need to restore the Ukrainian energy industry before winter.

At the same time, Josep Borrell reported that EU foreign ministers at a meeting in Brussels today once again failed to reach an agreement on unblocking the funds of the European Peace Fund, from which arms supplies to Ukraine are financed.

"Most member states insisted on the need to unblock payments that have been delayed for a year. And at the same time, they emphasized the need to move the decision regarding the new support fund for Ukraine, which is blocked by one member state," Borrell said.

According to him, this EU member state insisted that this is something "unacceptable" and "unbearable", so the funds continue to be blocked.

Although the EUʼs chief diplomat did not say which country it is about, it is known that it is Hungary that is blocking the allocation of more than €6 billion from the European Peace Fund to finance military aid to Ukraine.

• The first tranche of €1.4 billion from revenues from Russian assets for Ukraine was agreed by the foreign ministers of the EU countries back in June. Then Borrel said that these funds will go to Ukraine in July.
• The value of frozen Russian sovereign assets in the EU is almost €211 billion. In total, the European Union, the G7 countries and Australia have frozen approximately €260 billion in securities and cash. Back in May 2024, the EU announced that it had prepared legislation that would allow Ukraine to transfer profits from frozen Russian sovereign assets already in the summer.