EU sends Ukraine €1.5bn aid from proceeds of frozen Russian assets
"Today we transfer €1.5 billion in proceeds from immobilised Russian assets to the defence and reconstruction of Ukraine," von der Leyen said. "There is no better symbol or use for the Kremlin’s money than to make Ukraine and all of Europe a safer place to live."
- European Union
- DPA
- Published Date: 12:58 | 26 July 2024
- Modified Date: 12:58 | 26 July 2024
The European Union is sending Ukraine €1.5 billion ($1.6 billion) in aid on Friday, financed by the proceeds of Russian assets frozen in the EU, to be spent on defence and reconstruction, European Commission President Ursula von der Leyen announced on X.
"Today we transfer €1.5 billion in proceeds from immobilised Russian assets to the defence and reconstruction of Ukraine," von der Leyen said. "There is no better symbol or use for the Kremlin's money than to make Ukraine and all of Europe a safer place to live."
EU foreign ministers approved the payments in late June.
The aid is financed by the proceeds - such as interest - from the assets, but not by the underlying assets themselves, which remain frozen. Ninety percent of the money will fund military aid, while 10% will go directly to Ukraine as financial aid.