EU Transfers €1.5 Billion from Frozen Russian Assets to Ukraine

The European Union will transfer 1.5 billion euros from frozen Russian assets to aid Ukraine's defense and reconstruction, announced European Commission President Ursula von der Leyen. This move, symbolizing a significant use of Kremlin funds, aligns with ongoing discussions among EU member states to extend sanctions on Russian central bank assets.

The European Union is transferring 1.5 billion euros from frozen Russian assets to support Ukraine's defense and reconstruction efforts, European Commission President Ursula von der Leyen announced on social media platform X on Friday.

"Today we transfer 1.5 billion euros in proceeds from immobilised Russian assets to the defence and reconstruction of Ukraine. There is no better symbol or use for the Kremlin’s money than to make Ukraine and all of Europe a safer place to live," von der Leyen stated.

EU member states have been deliberating on extending the renewal period of sanctions on Russian central bank assets, aiming to secure a significant Group of Seven loan for Ukraine, according to an EU draft document and statements from diplomats, Reuters reported on Wednesday.