EU to provide Ukraine with €1.4 billion in proceeds from frozen Russian assets

The European Union will provide Ukraine with another €1.4 billion in proceeds from frozen Russian assets.

This is stated in the statement of the European Commission.

"These €1.4 billion will go where they are needed most: to support the Ukrainian state, maintain essential public services and help the brave Armed Forces of Ukraine," said European Commission President Ursula von der Leyen.

95% of the funds will be used through the Ukraine Loan Cooperation Mechanism (ULCM), another 5% through the European Peace Facility (EPF).

• More than half of the Russian Central Bankʼs assets frozen in the European Union are stored in the Belgian financial institution Euroclear, from where the EU planned to allocate €140 billion in reparations credit to Ukraine.
• However, Belgium opposed this: the country fears that Russia may file a claim against it in international investment arbitration under an investment protection agreement between Belgium, Luxembourg and the USSR.
• Earlier, a member of the Ukrainian negotiating team Mykola Yurlov told Babel that the European Union was ready to provide Belgium with serious guarantees that would cover what Ukraine considered to be insignificant legal risks. But the Belgians are categorically against it.

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