The High Representative of the European Union for Foreign Policy and Security Policy, Josep Borrell, said that next week Ukraine will receive the first tranche of 2.5 billion euros from the proceeds from the frozen assets of the Russian Federation.
Points of attention
- The European Union is working on finding a legal way to avoid blocking the use of Russian assets.
- Hungary may create obstacles to Ukraine paying a $50 billion loan due to future profits.
- EU sanctions on Russian assets are renewed every six months, which can complicate receiving financial assistance.
- The EU High Representative for Foreign Policy, Josep Borrell, noted that Ukraine's support in this period is extremely important.
Ukraine will receive 2.5 billion euros from Russia's frozen assets next week
We have a legal procedure that allows us to avoid any blockages. The first tranche of money will arrive next week, in July. The second will arrive a few weeks later.
Josep Borrell
High Representative of the EU for Foreign Policy
Borrell clarified that Ukraine will receive 2.5 billion euros next week.
According to him, the EU should look for a way to use the frozen Russian assets, avoiding any blocking by the member states.
A top EU diplomat pointed out that the recent peace summit in Switzerland had "opened a diplomatic path" to an end to the war, but Putin responded by saying he was "traveling wherever he can get weapons".
We must increase our support for Ukraine. Ukraine needs support now, Borrell summed up.
What has preceded it?
Earlier, Borrell said the EU had worked out a legal way to bypass Hungary's veto on arms purchases for Ukraine with proceeds from frozen Russian assets this year, which could also clear the way for the G7 to pay Kyiv $50 billion.
The Financial Times notes that bypassing Hungary's veto could also remove an obstacle that could complicate G7 efforts to secure a $50 billion loan for Kyiv by December, to be paid from future revenues — a decision made by leaders at a summit in Italy.
At the same time, officials said Hungary could still block EU sanctions under which Russian assets are blocked, a decision that the 27 EU countries must unanimously renew every six months.
