EU transfers €1.4 billion from frozen Russian assets to Ukraine
The European Union has allocated €1.4 billion from frozen Russian assets to Ukraine for military equipment and restoration purposes. The decision has sparked reactions from the Kremlin and Switzerland.
Photo: commons.wikimedia.org by Creator:Michael Marcovici is licensed under Commons, the free media repository
The EU has started to use funds from frozen Russian assets by transferring €1.4 billion to Ukraine for military purposes, according to European diplomacy head Josep Borrell. This move has prompted the Kremlin to warn of a potential response.
Western countries had blocked about $280 billion (€260 billion) of Russian assets due to its military actions in Ukraine. The EU foresees a total profit of €15-20 billion by 2027 from managing these assets for Ukraine’s benefit.
While the EU sees the transfer as legitimate, Switzerland has decided against following suit with similar measures from the frozen Russian assets.
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