Ukraine to receive first tranche of frozen Russian assets by end of summer
Valdis Dombrovskis, Vice President of the European Commission (photo: Getty Images)
Ukraine is likely to receive the first tranche of proceeds from frozen Russian assets by the end of the summer. It will amount to €1.5 billion ($1.6 billion), states Valdis Dombrovskis, Vice President of the European Commission.
As Dombrovskis reminded, in May it was agreed to use the proceeds of frozen Russian assets in favor of Ukraine.
"We estimate that our measures would make up to €3 billion ($3.21 billion) available this year – and we expect to make a first payment of €1.5 billion before the summer break," he added.
The European Commissioner added that the first focus of the use of these revenues will be on military support for Ukraine.
"We are working at full speed so that the first procurement can be made soon," Dombrovskis emphasized.
Russia's frozen assets
After the full-scale invasion of Ukraine by the Russian Federation, Kyiv's partners froze the assets of the terrorist country. We are talking about approximately $300 billion, but there is no exact figure. These assets include the gold and foreign exchange reserves of the Central Bank of Russia, which are kept in foreign financial institutions. Kyiv insisted that the funds be transferred to Ukraine, but the allies were concerned about reputational and legal risks.
On May 21, the Council of the European Union approved the transfer of proceeds from Russia's frozen assets to Ukraine. Moreover, in June, the G7 countries agreed to transfer $50 billion to Ukraine, for which the interest from the frozen assets will be used.
