EU Allocates First Payment from Frozen Russian Assets to Aid Ukraine

The European Commission has made its first payment of 1.5 billion euros to Ukraine, derived from frozen Russian assets. This funding aims to bolster Ukraine's military capacity and contribute to the country's reconstruction.

The freeze on assets belonging to the Russian central bank is part of EU sanctions imposed following Russia's attack on Ukraine. The EU operators holding these extraordinary revenues do not recognize them as Russian property and keep them with the central securities depositories. The EU has now begun directing these funds to Ukraine.

In February, the Council mandated that central securities depositories holding over 1 million euros in assets and reserves from the Russian Central Bank, frozen under EU sanctions, should reserve these extraordinary profits rather than utilize them. On May 21, 2024, the Council approved a set of legal acts enabling the use of these net profits to benefit Ukraine.

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