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.
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