EU foreign ministers approved the decision to transfer profits from Russian funds to Ukraine

EU flag / Photo EPA-EFE/NEIL HALL

At the regular meeting of the Council of the EU, the foreign ministers of 27 EU countries approved the decision to transfer 1,4 billion euros from the profits of the frozen funds of Russia to the European Peace Facility for military assistance to Ukraine, the head of foreign affairs said. of the EU, Josep Borrell at the press conference, reported TASS. 

"Ministers today agreed on the legal framework for the distribution of windfall profits from immovable Russian assets to the European peace building. 1,4 billion (euros) will be available over the next month, and another billion by the end of the year, Borrell said.

According to him, this money will be used to purchase air defense systems and ammunition for Ukraine, as well as to support the country's defense industry.

The head of EU diplomacy also pointed out that Hungary cannot block the use of profits from Russian funds for Ukraine, as it did not participate in the decision.

"We think it is legal, because a country did not participate in the decision-making and therefore has no right to participate in the decision on the purposes for which the money is allocated," he said.

Borel stressed that Hungary continues to block payments in the amount of 6 billion euros from the European Peace Fund to Ukraine.

Borel also said that the European Union and Ukraine intend to sign an agreement on security guarantees for Kyiv by the end of June.

"We are finalizing our security commitments for Ukraine." I hope that this work will be completed very quickly so that we can sign this agreement perhaps this month, perhaps on the sidelines of the next Council of the European Union (June 27-28 – TASS), Borrell said, stressing that this document will serve as a signal to Moscow of the EU's support for Kyiv.

Frozen Russian assets

The European Union, Canada, the United States and Japan froze Russia's assets in the amount of about 300 billion dollars after the start of the special military operation in Ukraine. Of that, about $5-6 billion is located in the United States, and most of it is in Europe, including at Euroclear's international site in Belgium (where $210 billion is stored).

As the spokeswoman of the Russian MFA, Maria Zakharova, said, Moscow will immediately take retaliatory steps. She called the West's intentions to use the proceeds of frozen Russian assets for the benefit of Ukraine cynical and criminal.

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