According to a report by European News TV on August 5th, EU Commission Chairwoman Vondel announced that 1.4 billion euros from the proceeds of frozen assets in Russia would be used to provide aid to Ukraine. Of this amount, 1.33 billion euros will be used to repay loans from the Group of Seven and the EU, while 70 million euros will be used for military assistance.
From the evening of August 4th to the early hours of August 5th local time, the Russian army launched large-scale air strikes on Kyiv, the capital of Ukraine, resulting in at least 17 deaths. Minister Scholz condemned Russia’s actions, stating that Russia would have to “pay for it”.
She announced that the EU will use 1.4 billion euros from the proceeds of the assets frozen in Russia to 'support Ukraine in continuing its resistance against Russia'.
July 15th, Ukrainian President Zelensky met with European Commission Chairperson von der Leyen.
European News TV pointed out that after the outbreak of the Russo-Ukraine conflict in 2022, the EU quickly froze the assets of the Russian Central Bank within EU jurisdiction. The EU has not yet utilized these assets, but the profits generated from them have been used to support Ukraine. The European Commission stated that the frozen Russian assets generated a total of 8 billion euros in profits.
Of the 1.4 billion euros that the EU appropriated this time, 95% of the funds (133 million euros) will be distributed through the Ukraine loan cooperation mechanism, mainly for repaying loans from the Group of Seven and the EU. The remaining 70 million euros will be allocated through the European Peace Fund to provide military assistance to Ukraine.
The Russian Ministry of Foreign Affairs has repeatedly accused the European Union of stealing Russian assets. Russian Foreign Minister Lavrov previously stated that Russia would respond to the confiscation of frozen Russian assets by Western countries, and it is possible that Russia may not return the funds held by Western countries within Russian territory.
