Ukraine to receive first payment from frozen Russian assets this summer - European Council

This summer, the European Council intends to send to Ukraine the first payment from the proceeds of assets belonging to the Russian Central Bank that were blocked in Europe after the start of Russia's aggression against Ukraine.

This is said in the conclusions adopted by the European Council following its meeting on June 27, Ukrinform reports.  

“Following the adoption of the EU legal acts to direct extraordinary revenues stemming from Russia’s immobilised assets towards further military support for Ukraine, its defence industry capacity and its reconstruction, the European Council looks forward to the first disbursement this summer,” the document reads.

The EU leaders invited relevant structures, in particular, the European Commission, the High Representative and the EU Council to take work forward in order to provide additional funding for Ukraine in the amount of UAH 50 billion in the form of loans serviced and repaid from the proceeds of the frozen Russian assets. To implement this project, which was initiated by the EU together with its G7 partners, all legal and financial aspects must be taken into account.

The resources coming from this source will be used to support Ukraine’s current and future military, budget and reconstruction needs.

“Subject to EU law, Russia’s assets should remain immobilised until Russia ceases its war of aggression against Ukraine and compensates it for the damage caused by this war,” the document reads.

As reported, on Thursday, June 27, the European Council considered the continuation of military, financial, economic and political support for Ukraine and discussed this issue with President Volodymyr Zelensky.