EU to Give Ukraine €1.4bn from Frozen Russian Assets

The European Union will provide Ukraine with €1.4bn ($1.6bn) from interest generated by frozen Russian assets, the European Commission said on Wednesday.

The money, transferred to the bloc’s budget on 3 August, came from interest on cash balances forming part of Russian central bank assets frozen after Moscow’s invasion of Ukraine.

“Russia must pay for the destruction it has caused. And we are using the proceeds from the immobilised Russian assets to make sure it does”, European Commission President Ursula von der Leyen said.

She added that the funds would support Ukraine’s continued resistance to Russia’s war.

(Reuters, bak)