Borrell: EU approved transfer of €1.4bn from Russian assets to Ukraine
At a regular meeting of the EU Council, foreign ministers of the twenty-seven EU countries have approved the decision to transfer €1.4bn of profits from Russia’s frozen assets to the European Peace Facility for military assistance to Ukraine – as stated by EU High Representative for Foreign Affairs and Security Policy Josep Borrell at a press conference, TASS reports
“The ministers today agreed on the legal framework for the allocation of the windfall profits from immobile Russian assets to the European Peace Facility. The profits from the assets will be used as soon as possible for the benefit of Ukraine. €1.4bn Euros will be available in the course of next month, and another €1bn by the end of the year,” he said.
According to Mr. Borrell, this money will be used to purchase air defence systems and ammunition for Ukraine, as well as support the defence industry in Kiev.
“One country is still blocking the allocation of about €6bn Euros from the European Peace Facility to Ukraine,” he said, noting that the member states continue to discuss this issue in order to find a solution.
