Shmyhal: First €1.5bn from frozen Russian assets to be spent on arms purchase
The international depository Euroclear in Belgium, where a significant portion of frozen Russian assets are kept, promises to make the first instalment of almost €1.5 billion this month.
This was announced today at a meeting of the Cabinet of Ministers by Prime Minister of Ukraine Denys Shmyhal, Censor.NET reports.
Where will the money go?
According to him, the funds will be used to purchase the most necessary weapons, air defence systems, artillery shells and to develop our defence industry.
"Ukraine fundamentally insists that in the future all Russian assets in the West should be confiscated and used for the restoration and defence of our country," the statement said.
Earlier it was reported that the European Commission would present a draft plan to provide Ukraine with $50 billion in loans from frozen Russian assets "very soon". EU High Representative Josep Borrell also noted that Ukraine would receive the first €1.4 billion from Russia's frozen assets in early August.
