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Dombrovskis: Ukraine may receive first €1,5 billion tranche of frozen Russian assets soon

Overall, the European Commission expects to mobilize up to €3 billion from frozen Russian assets in 2024.
European Union Flags. Credit: Wikimedia Commons/Thijs ter Haar.
Flags of the European Union, Illustrative image. Credit: Wikimedia Commons/Thijs ter Haar.
Dombrovskis: Ukraine may receive first €1,5 billion tranche of frozen Russian assets soon

Ukraine may receive the first €1,5 billion tranche of frozen Russian assets before the EU bodies go on summer break. Executive Vice-President of the European Commission Valdis Dombrovskis said that by the end of the year, up to €3 billion worth of military equipment could be delivered to Kyiv from this source, according to UkrInform.

Dombrovskis announced at the conference in Luxembourg that the funds may be transferred to Kyiv through the European Peace Facility initiative.

“In May, the ministers agreed to use the profits from frozen Russian assets for Ukraine. According to our assessment, these measures could mobilize up to €3 billion, which will be available this year. We expect to make the first payment of €1.5 billion before the ‘summer break,'” the representative of the European Commission noted.

He emphasized that the EU will act immediately to ensure that the funds are directly allocated for military support to Ukraine. Dombrovskis added, “We are working on it at full speed, so the first defense orders could be made soon.”

He also mentioned that within the framework of the €50 billion Ukrainian Fund, created in the EU budget for 2024-2027, Ukraine will receive €1.9 billion in so-called “pre-financing” next week. The next payment under the Ukrainian Fund will be made in late autumn.

Nearly €260 billion of the Russian Central Bank’s assets, including securities and cash, have been blocked in the jurisdictions of G7 partners, the EU, and Australia. Over two-thirds of these frozen assets are located in the EU.

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