Ukraine to receive first €1.4 billion from frozen Russian assets in August

Ukraine will receive the first €1.4 billion from the profits of frozen Russian assets abroad at the beginning of August, said EU High Representative for Foreign Affairs and Security Policy Josep Borrell, Radio Liberty reports.

“On the windfall profits, I updated Ministers on progress towards the first transfer of €1.4 billion expected to happen at the beginning of August – next week,” Borrell said.

The funds will be allocated for the purchase of priority weapons – air defense systems, artillery shells, and armaments from Ukrainian industry, Borrell added. “So, we are not going only to provide military support to Ukraine but from Ukraine itself. Which is certainly the most logical and efficient thing we can do,” he said.

In June, G7 leaders agreed to provide Ukraine with around $50 billion in financial support from the profits of frozen Russian assets abroad. The decision was made following the G7 summit in Apulia, Italy.

Earlier, the UWC President called for the confiscation of Russian assets. “Finding the right formula to fund Ukraine with Russia’s frozen assets should be an international priority. This will reduce the financial pressure on Western countries and undermine economic arguments against continued international support for Ukraine,” Paul Grod wrote.