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Will EU countries transfer additional funds from frozen Russian assets to Ukraine by the end of 2024?
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Resolution / Starting Odds
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Official announcements from the European Union and verified news sources
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EU Transfers €1.5 Billion from Frozen Russian Assets to Ukraine for Defense on July 26
Jul 26, 2024, 09:34 AM
The European Union has announced the transfer of €1.5 billion in proceeds from frozen Russian assets to Ukraine on July 26. European Commission President Ursula von der Leyen stated that the funds, totaling $1.6 billion, will be used for the defense and reconstruction of Ukraine. The transfer marks the first tranche of such funds, with the money being allocated to a peace fund to compensate EU countries for weapons sent to Ukraine. The Kremlin has condemned the move, labeling it as 'theft' and pledging legal action in response. This decision is part of a broader effort by the EU and G7 to utilize interest earned on frozen Russian assets to support Ukraine amid its ongoing conflict with Russia.
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