The EU can allocate the first billion from Russian assets to Ukraine on July 1

Kostia Andreikovets

The head of the European Commission Ursula von der Leyen informed that Ukraine can receive the first billion euros from profits from frozen Russian assets as early as July 1 this year.

She said this during the press conference following the results of the first day of the summit of EU leaders in Brussels, reports "European Truth".

Von der Leyen assured that among EU leaders there is strong support for the use of the received funds for military purposes for Ukraine. She added that receiving the money in July depends on a quick agreed decision by EU leaders.

She also noted that it is possible to count on receiving about €3 billion in 2024 and similar amounts in the following years.

The President of the European Council Charles Michel is confident that this mechanism can be put into effect very quickly, as it has received broad support.

  • On March 20, the head of European diplomacy suggested that EU member states use 90% of the income from frozen Russian assets to purchase weapons for Ukraine through the European Peace Fund. Josep Borrell suggests transferring the remaining 10% to the EU budget. Reuters wrote that these 10% can be used to build the capacities of the Ukrainian defense industry.
  • Earlier, Bloomberg learned that the EU has prepared legislation that will allow the proceeds from Russian assets to buy weapons for Ukraine.
  • Since the beginning of the war in Ukraine, the EU has frozen the assets of the Russian Central Bank for more than €260 billion. This money provides profits, which are proposed to be sent to Ukraine. Currently, the United States and the European Union are looking for legal opportunities to use all $300 billion of frozen Russian assets for the benefit of Ukraine.