EU Releases €1.5B From Confiscated Assets to Boost Ukraine’s Military
The European Union has announced the transfer of €1.5 billion from the interest earned on seized Russian assets to Ukraine for military purposes. This move comes despite warnings from Moscow against using these funds for arming Ukraine, threatening retaliatory measures.
Months of deliberations among EU and G7 nations have led to the decision to utilize nearly $300 billion belonging to Russia’s central bank for Ukraine-related sanctions. Brussels estimates that the interest on these seized assets could provide around €3 billion annually.
European Commission President Ursula von der Leyen emphasized the importance of supporting Ukraine’s defense and reconstruction by transferring the funds. However, the Kremlin has condemned the EU’s actions as illegal and promised retaliatory measures.
In May, the EU approved a scheme to use the interest earned on frozen assets to aid Ukraine’s recovery and military efforts. The first tranche will be used to purchase weapons, with an additional €1 billion set to be transferred later this year.
Moscow has criticized these moves, claiming they will only prolong the conflict and cause damage to the international financial system.
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