Ukraine To Receive EUR 1.5B From Frozen Russian Assets Before Summer Break In EU - Dombrovskis

6/21/2024 7:19:44 PM

(MENAFN- UkrinForm) The European Peace Fund may receive the first payment of EUR 1.5 billion in proceeds from frozen Russian assets before the summer break in the EU. By the end of the year, Ukraine may receive military equipment worth up to EUR 3 billion from this source.

Executive Vice President of the European Commission Valdis Dombrovskis announced this at a press conference following a meeting of EU Finance and Economy Ministers in Luxembourg, an Ukrinform correspondent reports.

“In May, Member States agreed to use revenues from proceeds from frozen Russian assets to benefit Ukraine. We estimate that our measures would make up to EUR 3 billion available this year – and we expect to make a first payment of EUR 1.5 billion before the summer break,” he said.

Dombrovskis also stressed that the EU's immediate focus will be on using these revenues for Ukraine's military support.

“We are working at full speed so that the first procurement can be made soon,” he said.

Dombrovskis also said that within the framework of the EUR 50 billion Ukraine Facility, established in the EU budget for 2024-2027, Ukraine will receive EUR 1.9 billion in so-called "pre-financing" next week. The next payments under the Ukraine Facility will be made in autumn.

As reported, about EUR 260 billion of Russia's Central Bank assets were "immobilized" in the form of securities and cash in the jurisdictions of G7 partners, as well as in the European Union and Australia. More than two-thirds of these assets are held in the EU.

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