European Union hands Ukraine first 1.5 billion euros from Russia's frozen assets
On July 26, the European Union allocated to Ukraine the first tranche in the amount of 1.5 billion euros of revenues from frozen Russian assets, reported the website of the European Commission.
This money is held in central securities depositories (CSDs) and provided to the international depository Euroclear as the first installment on July 23.
Now the money will be sent through the European Peace Facility to the Ukrainian Facility to support the military potential of Ukraine, as well as the country's recovery.
In May 2024, the European Commission adopted a new regulation on the contribution to the unforeseen income of central depositories of securities that keep assets of the Central Bank of Russia with a total value of more than 1 million euros.
The profit received from the reinvestment of these sanctioned funds, starting from February 15, 2024, should be directed to the EU for Ukraine Fund.
On January 6, 2024, President Volodymyr Zelenskyy estimated Russia's foreign assets available for confiscation at $300 billion and called for these funds to be used to support Ukraine.
On June 13, the G7 agreed on $50 billion for Ukraine using the frozen assets of the Russian Federation.