EU to Send Ukraine 1.4 Billion Euros From Frozen Russian Assets

The European Union (EU) is set to provide Ukraine with 1.4 billion euros ($1.52 billion) in military aid, sourced from the interest on frozen Russian assets. 

This decision, announced by EU High Representative for Foreign Affairs and Security Policy Josep Borrell during a Council on Foreign Affairs meeting, will see the first transfer of funds in early August. 

The aid will be used to purchase essential military equipment, including air defense systems and artillery ammunition, and support Ukraine’s defense industry. 

The Kremlin condemned the EU’s plan as “theft” and threatened legal action. 

Russian Foreign Ministry spokesperson Maria Zakharova warned of potential economic and political retaliatory measures, including the confiscation of Western assets in Russia. 

Following Russia’s invasion of Ukraine, the U.S. and its allies blocked $300 billion in Russian assets.