The European Union today announced the first payment of EUR 1.5 billion for military support to Ukraine generated from immobilized Russian assets,
Ukrinform reports.
That's according to a press release posted on the website of the European Commission.
"Today, the EU makes available in support of Ukraine the first payment of EUR 1.5 billion generated from immobilized Russian assets. These extraordinary revenues generated by EU operators and held by central securities depositories (CSDs) from immobilized Russian sovereign assets were made available by Euroclear to the Commission as a first installment on 23 July. The money will now be channeled through the European Peace Facility and to the Ukraine Facility to support Ukraine's military capabilities as well as to support the country's reconstruction," the press release reads.
According to the European Commission, the immobilization of the Russian Central Bank's assets is a result of EU sanctions against Russia, adopted in the wake of its war of aggression against Ukraine. The extraordinary revenues generated in this context by the EU operators do not belong to Russia and are held by CSDs. The EU has now started to channel these revenues to Ukraine.
"The EU stands with Ukraine. Today we transfer EUR 1.5 billion in proceeds from immobilized Russian assets to the defense 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," European Commission President Ursula von der Leyen said.
