EU approves €1.4 billion aid to Ukraine from frozen Russian assets’ profits

June 25,2024 245
EU approves €1.4 billion aid to Ukraine from frozen Russian assets’ profits

The European Union has approved the provision of €1.4 billion in military aid to Ukraine from the profits of frozen Russian assets abroad, EU High Representative for Foreign Affairs and Security Policy Josep Borrell announced at a press conference following a meeting of foreign ministers of member countries, as reported by Euronews.

Ministers today agreed on a legal framework for the use of windfall profits from immobilised Russian assets to be allocated to the European Peace Facility,” Borrell said. The €1.4 billion represents the first tranche of aid.

The funds will flow through the Ukraine Assistance Fund (UAF) and will begin to be used for Ukraine “in the swiftest possible manner,” Borrell added. “€1.4 billion will be available in the course of the next month, and another €1 billion by the end of the year. This will be allocated to Ukraine, but for these three purposes: air defence, ammunition and supporting the Ukrainian industry,” Borrell further stated.

Hungary attempted to block this assistance. Josep Borrell shared that the EU found a way to circumvent the country’s persistent attempts to block the decision. “We understand that legally, since one Member State did not participate in the decision to use these assets, it has not the right to participate in deciding to which purpose they are allocated. Work will now speed up without having this blockage that we still have to solve on the European Peace Facility. The leaders will discuss about it at the next European Council,” he noted.

At the same time, Hungary continues to block the payment of €6.6 billion as partial compensation for arms purchased for Ukraine. Budapest is “furious” with the EU’s decision, according to sources cited by Politico.

Cover: Shutterstock

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