EU to Transfer Interest from Frozen Russian Funds to Ukraine
The European Union will transfer one point four billion euros from frozen Russian assets to Ukraine in early August for military aid. This decision involves interest accrued from three hundred billion euros of frozen funds mainly held by Euroclear in Belgium. Russia has condemned the move and warned of legal retaliation.
The European Union will begin transferring funds from frozen Russian assets to Ukraine in early August.
Josep Borrell, the EU’s top diplomat, announced that €1.4 billion, generated as interest from €300 billion in frozen Russian assets, will be allocated for Kiev's military needs, such as air defense and artillery.
The frozen funds, mainly held by Euroclear in Belgium, were blocked after the Ukraine conflict escalated in 2022.
The EU’s scheme allows 90% of the accrued interest to support Ukrainian military aid, while 10% goes to other support efforts.
Russia has condemned this move as 'theft' and warned of legal retaliation.
Josep Borrell, the EU’s top diplomat, announced that €1.4 billion, generated as interest from €300 billion in frozen Russian assets, will be allocated for Kiev's military needs, such as air defense and artillery.
The frozen funds, mainly held by Euroclear in Belgium, were blocked after the Ukraine conflict escalated in 2022.
The EU’s scheme allows 90% of the accrued interest to support Ukrainian military aid, while 10% goes to other support efforts.
Russia has condemned this move as 'theft' and warned of legal retaliation.