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Ukraine may receive €2.5 billion in profits from Russian assets - EU's Borrell

24 June, 2024 Monday
15:51

EU High Representative for Foreign Affairs and Security Policy Josep Borrell says the first tranche of proceeds from frozen Russian assets will arrive in July, and Ukraine may receive €2.5 billion

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He said this before the meeting in Luxembourg, Radio Liberty reports.

On June 24, the heads of the EU foreign ministers will discuss the European Commission's proposal to channel the proceeds of frozen Russian assets to weapons for Ukraine, bypassing Hungary, which is against it.

Borrell mentioned that they have income from frozen assets and need to find a way to use it while avoiding any blockages. He stated that there is a process in place to make it work quickly.

Borrell also noted that Ukraine would receive one part of the 2.5 billion next week, with the other part coming a little later.

According to him, there is a legal procedure that allows for the allocation of funds from Russian assets to Ukraine despite Hungary's opposition, but its application needs to be discussed with ministers.

He explained that since Hungary was not involved in the decision to accumulate the proceeds of frozen Russian assets, it does not need to participate in implementing the decision.

At the same time, the head of European diplomacy emphasized that the decision should be made “immediately.”

Borrell added that following the summit in Switzerland, where a diplomatic path was opened, Putin responded by traveling to North Korea and other places where he could acquire weapons. This behavior, according to Borrell, indicates that Putin is clearly preparing for a long war outside the diplomatic path. He emphasized the need to increase support for Ukraine.

  • On June 21, EU Trade Commissioner Valdis Dombrovskis said that Ukraine is likely to receive the first tranche of proceeds from frozen Russian assets by the end of this summer.
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