The European Union will transfer 1.5 billion euros in proceeds from frozen Russian assets to Ukraine, European Commission President Ursula von der Leyen said on Friday.
Western countries blocked around $300 billion worth of sovereign Russian assets after Moscow sent troops into Ukraine in February 2022.
Last month the Group of Seven major democracies and the EU agreed to use interest earned from the frozen Russian assets to support a $50 billion loan for Ukraine, aiding its defence against Moscow's invasion. Russia has vowed legal action.
"Today we transfer 1.5 billion euros in proceeds from immobilised Russian assets to the defence and reconstruction of Ukraine. There is no better symbol or use for the Kremlin’s money than to make Ukraine and all of Europe a safer place to live," von der Leyen said on social media platform X.
Ukrainian Prime Minister Denys Shmyhal thanked the EU.
"Thank you von der Leyen and the EU for your steadfast support and this significant contribution to Ukraine’s defence and reconstruction. Together, we are turning adversity into strength and building a safer, more resilient Europe," he said.
EU member states have been discussing options to extend the renewal period of sanctions on Russian central bank assets in order to secure the G7 loan for Ukraine, according to an EU draft document and statements from diplomats, Reuters reported on Wednesday.
Here are the top political news stories for today.
Saudi Arabia threatens to sell European bonds if the EU touches Russian money
Saudi Arabia has warned the EU that it would sell some or all of its European debt if the G-7 decides to confiscate Russia's frozen assets, according to a Bloomberg report.
@SenateCaviarDemocrat2yrs2Y
The EU didn't confiscate the assets... they took the windfall profits. Two very different things.
? "€1.5 billion in proceeds from immobilised Russian assets"?
@SenateCaviarDemocrat2yrs2Y
If you read the text in the blue box that is exactly what it says. Putin and his cronies have been stealing Russian assets for years. Putin alone is said to be worth $200 Billion (that we know of). He didn't accumulate that much money on his KGB salary.
A strong and symbolic move. Supporting Ukraine’s defense and reconstruction is crucial for a safer Europe
@VotingLilyLibertarian2yrs2Y
I hope the EU doesn't stand with me. I don't want to end up like Ukraine
What nonsense. The funds collected from interest of stolen Russian funds will actually goto Europe as a form of payment to already delivered weapons to Ukraine.
And we are not even sure if these weapons were ever delivered Ukraine.
@TenaciousWidgeonVeteran2yrs2Y
no one has declared war on anyone... therefore there is no enemy property to seize... check with your lawyers and judges...
Supporting Ukraine by stealing?
Yeah, that will definitely legitimize their struggle more. It certainly won't give Moscow Moscow perfect propaganda material.
@ISIDEWITH2yrs2Y
@ISIDEWITH2yrs2Y
@ISIDEWITH2yrs2Y
@ISIDEWITH2yrs2Y
@ISIDEWITH2yrs2Y
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