EU Transfers €1.5 Billion From Frozen Russian Assets to Ukraine in First Week of August

Jul 26, 2024, 09:28 AM

The European Union has transferred €1.5 billion in proceeds from frozen Russian assets to Ukraine. This transfer, announced by European Commission President Ursula von der Leyen, is intended to support Ukraine's defense and reconstruction efforts. The funds, derived from immobilized Russian assets, will be directed to a peace fund to compensate EU countries for weapons sent to Ukraine. The first transfer of €1.5 billion is expected in the first week of August. The Kremlin has strongly condemned the EU's actions, labeling them as theft and pledging to pursue legal action against those involved. Russian officials have stated that they will carefully consider how to respond to this decision.