EU To Allocate 1.4 Billion Euros To Ukraine From Frozen Russian Assets

The funds will go to support the state and the military.

The European Union will transfer 1.4 billion euros of profits from frozen Russian assets to support Ukraine.

The European Commission's press service told reporters on Wednesday, European Pravda reported.

On March 31, the European Union received 1.4 billion euros in additional profits from interest earned on frozen Russian central bank assets held in central securities depositories.

These assets were frozen under EU sanctions imposed in response to Russia's war of aggression against Ukraine. While the assets themselves remain frozen, the interest on the cash balances does not belong to Russia. Following a proposal by the European Commission, their use to support Ukraine was agreed.

"This €1.4 billion will go where it is needed most: to support the Ukrainian state, maintain essential public services and support Ukraine's brave Armed Forces. Our commitment to Ukraine's victory and freedom is unwavering," commented European Commission President Ursula von der Leyen.

95% of the funds will be used to support Ukraine through the Ukraine Loan Cooperation Mechanism (ULCM) and 5% through the European Peace Facility (EPF).

ULCM provides non-recourse support to help Ukraine repay a macro-financial assistance loan from the EU as well as loans from G7 bilateral creditors under the mechanism.

The total amount of credit support under the mechanism is €45 billion. On the other hand, the EPF helps Ukraine meet urgent military and defense needs.

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