In 2024, the European Union will direct about 2.5-3 billion euros received from frozen Russian assets into the Ukraine Facility, a four-year program of providing economic assistance to Ukraine.
European Commission promises to send funds from frozen Russian assets to Ukraine in July
The European Commission announced the first payment from surplus profits from the use of frozen assets of Russia on the territory of the European Union in July 2024.
The Vice-President of the European Commission, Valdis Dombrovskis, welcomed the official decision of the Council of the European Union, which unblocks the use of extraordinary income from the assets of the Russian Central Bank in the EU.
Speed remains a key factor and the Commission will continue to make every effort to ensure that the first payment is made as early as July.
Valdis Dombrovskis
Vice Chairman of the European Commission
The European Commission clarified that the decision regarding Russia's assets will enter into force after publication in the Official Journal of the EU. "Resources (from Russia's assets — Ed.) will be available to support Ukraine, starting from July 2024, with payments twice a year.
90% of the funds will go to the European Peace Fund to supply weapons to Ukraine, the remaining 10% will go to the EU budget for reconstruction needs.
In February, the EU agreed to another important step in its plan to use Russia's frozen assets, related to the legal rules for keeping surplus profits from the assets.
EU adopted another positive decision regarding Ukraine
On May 21, the Council of the European Union voted to provide funds to Ukraine from taxable excess profits of frozen Russian assets.
This information was officially confirmed by the permanent representation of the Czech Republic in the EU.
According to the latest data, most of the funds will be directed to the military support of Ukraine.
The Council of the EU has confirmed its consent to the use of proceeds from immobilised assets of the Central Bank of the Russian Federation for the benefit of Ukraine,” the official statement of the institution says.
