RT-Engels: 24-06-2024,

The proceeds from the frozen central bank assets will be used for military assistance to Kiev, according to the bloc’s foreign policy chief

The EU has approved the transfer of €1.4 billion ($1.5 billion) in profits from Russia’s frozen assets as military assistance to Ukraine, the bloc’s foreign affairs chief Josep Borrell announced on Monday.

The statement was made at a press conference following a meeting of EU Council foreign ministers.

Western nations have frozen around $300 billion in Russian sovereign assets over the Ukraine conflict, around $280 billion of which is immobilized in the EU. 

“The ministers today agreed on the legal framework for the allocation of the windfall profits from immobile Russian assets to the European peace facility. The windfall profits coming from Russian assets frozen in Europe, not the assets itself, will be used in the swiftest possible manner for the benefit of Ukraine,” Borrell said, noting that the €1.4 billion will be available over the next month, while another €1 billion will be forthcoming by the end of the year.

The money will be used to purchase air defense systems and ammunition for Ukraine, as well as support the country’s defense industry, according to Borrell.

Brussels’ proposal to seize the interest earned on the Russian assets to acquire weapons for Ukraine emerged earlier this year. However, the move faced resistance from Hungary, a vocal critic of the West’s approach to the Ukraine conflict and its arms shipments to Kiev in particular.

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