EU Leverages Frozen Russian Sources for €1.5 Billion Aid Kit to Ukraine

• The EU has transferred €1.5 billion to Ukraine, the usage of proceeds from frozen Russian assets.
• This lumber is section of a better Western effort to support Ukraine financially and rigidity Russia.
• Russia has vowed to respond to the EU’s actions, even though specifics are no longer yet obvious.

European Commission President Ursula von der Leyen has launched that the European Union will ship Ukraine 1.5 billion euros ($1.63 billion) that signify revenues from Russian assets frozen by the 27-member bloc.

“This day we transfer 1.5 billion in proceeds from immobilized Russian assets to the protection and reconstruction of Ukraine,” von der Leyen wrote on X. “There’s no better symbol or exhaust for the Kremlin’s money than to manufacture Ukraine and all of Europe a safer region to reside.”

Following Moscow’s unprovoked invasion of Ukraine in February 2022, the West iced up some 276 billion euros ($300 billion) in sovereign Russian wealth funds and the Community of Seven (G7) industrialized worldwide locations final month determined to carrier a $50 billion mortgage for Ukraine with proceeds generated by Russia’s frozen assets, prompting Moscow to threaten impartial appropriate action.

On July 25, EU Economic Commissioner Paolo Gentiloni mentioned the G7 became liable to have a framework deal on the mortgage for Ukraine’s protection and reconstruction by October, in accordance to Euractiv.com.

Ukrainian Top Minister Denys Shmyhal voiced gratitude for the EU lumber in a message on X.

“Thanks, @vonderleyen, and the EU to your steadfast relief and this indispensable contribution to Ukraine’s protection and reconstruction. Together, we are turning adversity into energy and building a safer, more resilient Europe,” he mentioned.

Many of the frozen Russian sovereign funds — some 210 billion euros ($228 billion) — are held in Europe, while about $10 billion is in the United States, Euractiv.com estimates. Some $30 billion are in Japan, and $10 billion in Britain.

In response to von der Leyen’s announcement, Kremlin spokesman Dmitry Peskov mentioned Russia will no longer lumber away the EU’s lumber unanswered nonetheless mentioned Moscow’s response needed to be carefully planned.

“This is surely grounds for neatly-thought-out actions essentially essentially based on such illegal decisions being applied by the European Union. Such actions will surely prepare,” Peskov educated journalists on July 26.

By RFE/RL

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