Ukraine to receive first tranche of aid from proceeds of Russian assets in few weeks - European Commission
In the coming weeks, the European Commission will send Ukraine the first tranche of financial assistance from the proceeds of frozen Russian assets. The funds will be used to purchase shells and air defence equipment, as well as to support Ukrainian manufacturers.
This was reported by Censor.NET with reference to the statement of the European Commission representative Christian Wiegand and the message of the Minister of Defence Rustem Umerov.
Wiegand noted that the proceeds from the frozen Russian assets will be used for military support to Ukraine and the development of its defence industry.
The European Commission representative emphasised that the initiative to use these funds to help Ukraine is progressing well, and the European Commission is actively working to make the first tranche available in the next few weeks.
The proceeds from the frozen assets are estimated to be between €3bn and €5bn per year. The EU had previously agreed to provide Ukraine with the proceeds twice a year, but the US has called on its allies to find ways to provide Kyiv with immediate and more substantial support.
Ukraine's Defence Minister Rustem Umerov said during a meeting with EU High Representative for Foreign Affairs and Security Policy Josep Borrell in Washington that the first tranche will be distributed in three areas:
- ammunition,
- air defence equipment,
- support for Ukrainian producers.
Umerov thanked the EU for the important decision to use the proceeds of Russia's frozen assets. He reminded that on 21 May 2024, the EU Council decided to allocate 90% of the frozen assets of the Russian Federation to the Ukraine Assistance Fund, which is part of the European Peace Facility.
"These decisions are extremely important for strengthening our defence capabilities and supporting Ukrainian producers. I thank the EU for its support and solidarity with Ukraine at this critical time. Together to victory," he said in a statement.
