The European Commission has announced that the European Union has recovered 1.4 billion euros from the frozen assets of the Russian Central Bank and will transfer them to Ukraine, writes Politico.
The EC informed that since the assets were frozen, they have generated a total profit of eight billion euros, and this is the fifth payment of surplus profits. Brussels indicated that 95% of the latest surplus payment will be directed to the Ukraine Borrowing Cooperation Mechanism, through which Kiev repays loans from the EU and the G7, while the remaining 5% will go to the European Peace Fund to support Ukraine’s most important military and defense needs.
EC President Ursula von der Leyen stressed that new news about the horrors committed by Russia is received every day, and Russia must pay for the destruction it has caused. Europe will use the proceeds from Russia’s frozen assets to make sure that happens.
The EU is thus providing 1.4 billion euros in support for Ukraine, continuing to help it confront Russia’s illegal war.
Vod der Leyen’s comments came after one of Moscow’s deadliest attacks on Kiev this year. Russia used ballistic missiles and drones to strike residential buildings, warehouses and a train station, killing at least 17 people and wounding 44. Ukrainian President Volodymyr Zelensky said on August 5 that additional systems to intercept the missiles could have saved those lives, and blamed the West for delays in delivering air defense systems.
After the full-scale invasion began, the EU froze more than 210 billion euros worth of Russian Central Bank assets. From 2024, financial institutions managing assets must separate the excess profits generated by the assets, allowing Brussels to channel them to Ukraine, while at the same time not affecting the reserves stored.
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