The European Union has transferred €3.7 billion to Ukraine, derived from profits of frozen Russian assets. This was announced by European Commission President Ursula von der Leyen during a press conference in Vilnius. According to her, these funds are intended to finance Ukraine’s defense needs or for its reconstruction.
This is reported by Kyiv24
Discussions on Asset Confiscation Continue
Discussions are ongoing in the EU regarding the further use of frozen Russian assets, which total over €210 billion, the majority of which is held in Belgium. A final decision on their confiscation has not yet been made; however, as Ursula von der Leyen emphasized, this option remains on the agenda.
“We are also considering the next steps and the best use of these assets, because it is clear: Russia is a predator, and it must be held accountable for its actions and pay for the damage and aggression. This should be a matter of principle. Therefore, we are looking into the possibility of additional use of the frozen funds,” stated the head of the European Commission.
Mechanisms for Assisting Ukraine and the Kremlin’s Position
On August 30, EU foreign ministers discussed the future of the frozen Russian assets. As diplomat Kaja Kallas noted, the return of these funds to Russia is only possible if it pays reparations to Ukraine. Meanwhile, the Kremlin has repeatedly threatened legal action in response to the transfer of assets for the benefit of Ukraine.
In total, approximately $300 billion of Russian sovereign assets are blocked in Europe. Of these, about €190 billion is held in the international depository Euroclear in Belgium, €30 billion in the United Kingdom, and €19 billion in France.
The EU is providing financial assistance to Ukraine through the Extraordinary Revenue Acceleration (ERA) program, which includes approximately $50 billion in loans backed by profits from frozen Russian assets. These funds are directed towards supporting the state budget, military needs, and the reconstruction of Ukraine’s infrastructure.