EU expects Ukraine to receive first money from frozen Russian assets in summer

Photo: Ukraine will receive first money from frozen Russian assets in summer (flick com libereurope)

Ukraine may receive its first payments this year from proceeds of frozen Russian assets in the EU. This could happen as early as this summer, according to the final communiqué of the EU summit.

"After the adoption of EU legal acts regarding the redirection of extraordinary revenues originating from blocked Russian assets for further military assistance to Ukraine, its defense industry, and its reconstruction, the European Council hopes that the first transfers will be made this summer," the document states.

Additionally, EU leaders instructed the European Commission, the EU's chief diplomat, and the Eurogroup to continue working on allocating an additional $50 billion in financing to Ukraine in the form of a loan secured by frozen Russian assets.

As noted in the document, the funds will be directed toward current and future assistance to Ukraine in the military sphere, budget support, and country reconstruction.

The EU emphasizes that Russian assets remain frozen until Moscow ceases its aggressive war against Ukraine and compensates for the damages caused by the war.

$50 billion credit for Ukraine

Recall that the United States proposed providing Ukraine with a $50 billion loan secured by frozen Russian assets. G7 leaders supported this proposal at the summit in Italy.

Previously, it was reported that EU countries would provide the majority of the loan, amounting to a 60% share. The funds are expected to arrive in Ukraine by the end of 2024.