The European Commission announced the first payment from excess profits from the use of frozen assets of Russia on the territory of the European Union. This will take place in July 2024.
This is reported on the website of the European Commission.
The Vice-President of the European Commission Valdis Dombrovskis welcomed the official decision of the Council of the European Union, which unblocks the use of extraordinary income from the assets of the Russian Central Bank in the EU.
"The EU has chosen a path that is legally sound and flexible so that support can be adapted to Ukraineʼs most urgent needs. Speed is still of the essence, and the Commission will continue to make every effort to make the first payment as early as July," he added.
At the same time, the European Commission clarified that the decision regarding Russian assets will enter into force after publication in the Official Journal of the EU.
According to the announcement, the resources will be available to support Ukraine starting in July 2024, with biennial payments.
At the same time, the most urgent needs of Ukraine in the field of defense can be met through the European Peace Fund (EPF), and after the decision is made, through the European Defense Industry Program (EDIP).
Annual revenue is expected to reach €2.5-3 billion. From there, as the Council of the EU has already reported, 90% of the funds will go to the European Peace Fund for the supply of weapons to Ukraine, the remaining 10% will go to the EU budget for reconstruction needs.
- 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.