The European Union (EU) will channel €1.4 billion ($1.6 billion) generated from interest earned on frozen Russian assets to support Ukraine, the European Commission announced on Wednesday.
The Commission said the funds, transferred to the bloc on August 3, were drawn from interest earned on cash balances held as part of Russian central bank assets frozen by the EU following Russia’s invasion of Ukraine.
European Commission President Ursula von der Leyen said Russia should bear responsibility for the destruction caused by the war.
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“Russia must pay for the destruction it has caused. And we are using the proceeds from the immobilised Russian assets to make sure it does,” von der Leyen said.
She explained that the additional funding would be made available to Ukraine to strengthen its capacity to withstand the ongoing conflict.
“We are making a further €1.4 billion of them available to Ukraine. This will support Ukraine’s continued resistance against Russia’s illegal war,” von der Leyen added.
The latest allocation forms part of the European Union’s broader efforts to provide financial support to Ukraine while utilising proceeds generated from frozen Russian state assets held within the bloc.
Reuters
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