The high EU’s High Representative for Foreign Affairs and Security Policy, Josep Borrell, said during a meeting of the bloc’s Council on Foreign Affairs that Ukraine will receive the first income from the frozen assets of the Central Bank of the Russian Federation next week.
Borrell said, “On earnings, I informed the ministers about the progress in the preparation of the first transfer of €1.4 billion ($1.52 billion), which is expected to take place at the beginning of August, next week.”
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According to him, the European Union will use these funds to purchase priority military equipment for Kyiv, including air defense and artillery ammunition, as well as necessary support elements for use by Ukraine’s defense industry.
“In this way, we are going to not only provide military support to Ukraine, but also receive it from Ukraine itself, which is certainly the most logical and effective thing we can do,” Borrell said.
What Russian assets have been frozen?
Japan will provide Ukraine with a loan of more than $3 billion within the framework agreed by the G7 for using interest obtained from Russian frozen assets.
The United States and the European Union will each provide $20 billion, while Britain, and Canada will give $7 billion, using the G7 aid mechanism to start by the end of this year.
The G7 currently agreed, after urging and veiled threats from Saudi Arabia, that it would only use the interest from the frozen Russian assets rather than confiscating the assets themselves.
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On June 13, German Finance Minister Christian Lindner announced the transfer of $50 billion.
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