World

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

Mankrit Kaur

Recent Posts

Rouse Avenue Court To Rule On AAP Money Laundering Chargesheet On November 6

The ED submitted the first supplementary chargesheet of 110 pages on October 29. It alleges…

8 hours ago

Allahabad HC Rejects Exemption Request From Additional Chief Secretary Due To Chief Minister’s Program

The court stated that proceedings should not delay because of any constitutional officer's schedule. However,…

9 hours ago

Court Directs ED To Provide Charge Sheet Copies To Accused In Delhi Liquor Policy Case

During the proceedings, the ED requested more time to share copies of digital records, remaining…

9 hours ago

Mahakumbh 2025: Google Maps To Guide Devotees For The First Time

Google has modified its policy to include Mahakumbh, recognizing the event's significance and massive turnout.…

9 hours ago

Yogi Government Eases FDI Policy To Boost Foreign Investment In Uttar Pradesh

During a cabinet meeting on Monday at Lok Bhavan, the state approved changes to the…

10 hours ago

Tribute Meeting To Honor Martyrs Of 1966 Cow Protection Movement

Yuva Chetna will organize a tribute meeting to honor martyrs of the 1966 cow protection…

10 hours ago