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EU to transfer profits from frozen Russian assets to Ukraine: O'Sullivan unveils date

EU to transfer profits from frozen Russian assets to Ukraine: O'Sullivan unveils date Photo: Ukraine will receive the first tranche of frozen Russian assets in the summer of 2024 (Getty Images)

The EU Special Envoy for Sanctions, David O'Sullivan, in an interview with RBC-Ukraine, stated that the European Union has approved using the profits from frozen Russian assets to aid Ukraine. The first tranche is expected to be delivered to Kyiv during the summer of 2024.

"We're talking about summer. I wouldn't like to promise exactly when the money will be in the account, but the decisions will be taken in the next few weeks and the payment made subsequently," he said, responding to a question about the first tranche.

David O'Sullivan reminded me that the EU decided this money would be used for Ukraine last week. "What is yet to be decided is the precise mechanism, the legal mechanism by which this money will be transferred and we hope that the decision will be taken in the next few weeks," he added.

"The important thing is that we, from the EU side, have immobilized this money, and in one way or another, it will be used for Ukraine. So, in the short term, probably there will be a transfer for military purchases," he said.

According to him, if the G7 decides it is better to use these assets to generate more money by providing loans, this decision could be made later.

"So there will be further discussions in the G7 in June. It's a slightly complicated discussion, but it's a line of action actively being considered," O'Sullivan said.

Russian assets

On May 21, the European Commission transferred the profits from Russian assets to Ukraine. The amount is approximately 3 billion euros. In subsequent years, the profit may increase to 5 billion euros.

EU High Representative for Foreign Affairs Josep Borrell stated that 90% of the proceeds from frozen Russian assets will be directed to the European Peace Facility for supplying arms to Ukraine.

In addition, the G7 countries are ready to approve a $50 billion loan to Ukraine secured by frozen Russian assets.