European Union Allocates 1.5 Billion Euros From Russian Assets To Support Ukraine

In a significant move, the European Union (EU) has announced the transfer of 1.5 billion euros ($1.62 billion) from immobilised Russian assets to bolster Ukraine’s defense efforts.

This is the first instance of redirecting such funds to support Ukraine amidst ongoing conflicts.

The EU’s decision followed the adoption of new legal frameworks in May, enabling the utilization of these frozen assets for Ukraine’s benefit, as reported by Xinhua news agency.

The European Peace Facility and the newly established Ukraine Facility will channel the funds.

A substantial portion of the funds, totaling 1.4 billion euros, will be allocated to the European Peace Facility to procure essential military equipment for Ukraine.

This includes advanced air defense systems and artillery ammunition, according to Josep Borrell, the EU’s High Representative for Foreign Affairs.

European Commission President Ursula von der Leyen stated, “There is no better use for the Kremlin’s money than to enhance the security of Ukraine and Europe.”

She emphasized the symbolic and practical significance of redirecting these assets to strengthen Ukraine’s defenses.

The Kremlin has sharply criticized the EU’s decision, deeming it illegal.

Meanwhile, Kremlin spokesperson Dmitry Peskov warned that Russia would respond thoughtfully to what it perceives as unlawful actions by the EU.

“This decision will not go unanswered,” Peskov further asserted.

Also Read: Senator Marco Rubio Introduces Bill To Strengthen US-India Defense Ties Amid Rising Tensions With China