BRUSSELS, June 24. EU foreign affairs chief Josep Borrell announced that the foreign ministers of 27 EU countries have approved a decision to allocate 1.4 billion euros in profits from Russia’s frozen assets to support Ukraine through the European Peace Facility (EPF. The decision was made during a regular meeting of the EU Council.
According to Borrell, the legal framework for the allocation of windfall profits from Russia’s immobile assets has been established, with these profits being channeled as quickly as possible to provide assistance to Ukraine. By next month, 1.4 billion euros will be made available through the EPF, and an additional billion is expected by year-end.
These funds will be used to purchase air defense systems, ammunition for Ukraine, and support its defense industry. Hungary’s attempt to block the use of profits from Russian assets for Ukraine was rebuffed, with Borrell stating that the country did not participate in the decision-making process and therefore lacks the right to influence the allocation of funds.
The European Union continues to face challenges in providing financial support to Ukraine, as Hungary has blocked payments amounting to 6 billion euros from the EPF. Despite these obstacles, Borrell expressed hope that an agreement on security guarantees for Kiev will be signed by the end of June, serving as a signal to Moscow about the EU’s unwavering support for Ukraine.
The EU, along with Canada, the United States, and Japan, has frozen approximately $300 billion in Russian assets since the commencement of the special military operation in Ukraine. The majority of these assets are located in Europe, including on the international Euroclear site in Belgium, which stores an estimated $210 billion worth of frozen assets.
In response to this decision, Russian Foreign Ministry Spokeswoman Maria Zakharova condemned the West’s intentions as cynical and criminal, stating that Moscow will take immediate retaliatory measures against these actions.