Umerov, Borrell discuss use of proceeds from frozen Russian assets to buy weapons for Ukraine

Ukrainian Defense Minister Rustem Umerov and EU High Representative for Foreign Affairs and Security Policy Josep Borrell have discussed in Washington the use of profits from frozen Russian assets to purchase weapons for Ukraine.

Umerov said this in a post on Facebook, Ukrinform reports.

He thanked the EU for the important decision regarding the use of profits from frozen Russian assets.

"On May 21, 2024, the EU Council decided to transfer 90% of the income from frozen Russian assets to the Ukraine Assistance Fund, which is part of the European Peace Facility. These funds will be directed to Ukraine's defense needs," Umerov said.

According to him, the total amount of interest will be EUR 2.5–3 billion annually. The first tranche of EUR 1.4-1.5 billion will become available at the beginning of August 2024.

The EU and Ukraine agreed that the first tranche would be spent on ammunition, air defense, and support for Ukrainian manufacturers.

"It is important to note that EU-financed equipment has to be delivered to Ukraine by the end of 2024," Umerov said, adding that these decisions are vital for strengthening Ukraine's defense capability and supporting Ukrainian manufacturers.

On May 8, EU permanent representatives agreed to use proceeds from frozen Russian assets to support Ukraine's recovery and its military defense against Russian aggression.

The final decision was approved at the level of the Council of the European Union on May 21.

After the beginning of Russia's invasion of Ukraine, democratic countries blocked Russian financial assets worth over EUR 300 billion. According to some estimates, most of these assets were blocked in financial institutions in the EU countries, including in Belgium.