EU Releases Proceeds from Russian Assets for Ukraine

2024-07-27 05:50:08

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EU Releases Proceeds from Russian Assets for Ukraine

The European Union has released 1.5 billion euros from frozen Russian assets for Ukraine's defense and reconstruction. The funds, derived from interest earnings, will be transferred to Ukraine to make it a safer place to live.

EU member states agreed in May to use billions of euros from interest gains for arming Ukraine and rebuilding the country after the war. The EU has frozen around 200 billion euros of Russian central bank assets as part of sanctions imposed in 2022. Ukrainian Prime Minister Denis Schmyhal thanked the EU for its support, while the Kremlin spokesperson called the EU's actions illegal.

Meanwhile, Hungary accuses Ukraine of 'blackmailing' it and Slovakia by blocking a Russian oil pipeline.

In response to tensions, Ukraine halts Druzhba oil pipeline, upsetting Hungary and leading to frozen transfers from the European Defence Fund, affecting Poland. While seeking China's mediation for Russia-Ukraine talks, China hesitates, citing timing concerns. Russia demands concessions, but Ukraine insists on no negotiation until annexation ambitions cease. China's potential as mediator is hindered by internal and external factors. The EU faces pressure to fully sanction Russia and support Ukraine against Hungarian threats. China's focus on stability and countering U.S. influence complicates its diplomatic stance.

The European Union has released 1.5 billion euros from interest earnings on frozen Russian assets for Ukraine's defense and reconstruction. The funds will be transferred to Ukraine to make Europe a safer place to live. The money comes from interest earnings, not the assets themselves. About 90% of the frozen funds are held by Euroclear. Ukrainian Prime Minister Denis Schmyhal thanked the EU for their support, while Kremlin spokesperson Dmitry Peskov called the action illegal. The funds were frozen as part of sanctions imposed on Russia due to the war in Ukraine. EU Commission President Ursula von der Leyen stated that the money is a symbol of holding Russia accountable. In May 2022, EU member states agreed to use interest earnings for Ukraine. The EU has released 1.5 billion euros from 210 billion euros of frozen Russian central bank funds, with 4.4 billion euros in interest earnings in 2023. 90% of the earnings will be used for military equipment and training, 10% for direct financial assistance to Ukraine. The EU is not planning for direct expropriation due to legal concerns and possible retaliatory measures. Kremlin spokesperson Dmitry Peskov announced that Russia will respond to this step. The G7 is working on a $50 billion loan to Ukraine, backed by $300 billion in frozen Russian central bank assets, with an expected framework deal by October and market access by year end.

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EU Releases Proceeds from Russian Assets for Ukraine

Ukraine war briefing: Kyiv’s forces strike Russian military airfield in Crimea

EU chuyển 1,6 tỷ USD lợi nhuận tài sản Nga để hỗ trợ Ukraine

Hungary cáo buộc Ukraine 'tống tiền'

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EU Releases Proceeds from Russian Assets for Ukraine

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