Ukraine to receive Russian assets in August for air defense and ammunition - Ukrainian Defense Minister
Photo: Ukraine's Defense Minister Rustem Umerov and EU High Representative Josep Borrell (ministry_of_defense_ua)
Ukraine will receive the first tranche of the proceeds from Russia's frozen assets in the amount of €1.4-1.5 billion in early August 2024, according to Ukrainian Defense Minister Rustem Umerov.
Today, Umerov met with the EU High Representative for Foreign Affairs and Security Policy, Josep Borrell, in Washington.
"I want to thank the EU for the important decision to use the profits from frozen Russian assets. On May 21, 2024, the EU Council decided to allocate 90% of the profits from frozen Russian assets to the Ukraine Assistance Fund, which is part of the European Peace Facility. These funds will be directed to Ukraine's defense needs," the Minister noted.
According to him, the total annual interest amounts to 2.5-3 billion euros.
The first tranche of 1.4-1.5 billion euros will become available in early August 2024.
The EU and Ukraine have agreed that the first tranche will be spent in three areas:
- ammunition;
- air defense systems;
- support for Ukrainian manufacturers.
"It is important to note that the EU-funded goods must be delivered to Ukraine by the end of 2024. These decisions are crucial for strengthening our defense capabilities and supporting Ukrainian manufacturers," Umerov added.
Loan for Ukraine of $50 billion
Recently, the European Union approved the allocation of profits from frozen Russian assets to Ukraine.
The United States has proposed providing Ukraine with a $50 billion loan secured by frozen Russian assets. G7 leaders supported this proposal at the summit in Italy in June.
Earlier, it was reported that Ukraine could receive the first payments from the profits of frozen Russian assets in the EU as early as this summer.
