EU To Provide Ukraine With 1.6 Billion Euros

From the proceeds of Russian frozen assets.

The European Union will transfer 1.6 billion euros received from the proceeds of Russian frozen assets to Ukraine. This was announced by the European Commission on Monday, August 11.

The statement said that the EU received the so-called excess proceeds from the frozen assets of the Russian Central Bank last Friday, August 8, which is already the third EU transfer.

The European Commission noted that 90% of the first two tranches were provided to support Ukraine through the European Peace Facility (EPF) and 10% through the Ukraine Facility. However, starting with the third tranche, 95% of the proceeds will be allocated to support Ukraine through the Ukraine Credit Cooperation Mechanism (ULCM) and 5% through the EPF.

The European Commission explained that the ULCM assists Ukraine to repay loans from the EU and other bilateral creditors. At the same time, EPF helps Ukraine meet its immediate military and defense needs.

The EU, along with G7 countries and Australia, has frozen about $280 billion of Russian assets in securities and cash, mostly through the Belgian clearing house Euroclear.

According to the US Treasury Department, sanctions against influential Russian individuals have additionally frozen about $58 billion in assets, including luxury real estate, yachts and private jets.

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