The European Union has transferred 1.5 billion euros to Ukraine from frozen Russian assets to support defense and reconstruction efforts in response to the Ukraine war.
European Commission President Ursula von der Leyen announced the transfer, emphasizing the strategic use of Kremlin’s funds to enhance security in Europe. Ukrainian Prime Minister Denys Shmyhal expressed gratitude for the EU’s support.
Following the agreement among EU member states in May, the first money transfer signifies progress in the utilization of Russia’s immobilized assets, estimated at €210 billion. The G7 and EU plan to use interest earned from these assets to provide a $50 billion loan for Ukraine.
Amidst the ongoing conflict, Western countries continue to provide financial aid and military support to Ukraine, highlighting the geopolitical tensions. Moscow has criticized the flow of weapons to Ukraine, warning of prolonged conflict.
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