BRUSSELS, July 22 – The European Commission has announced that it will receive the first tranche of funds from the expropriation of revenues from frozen Russian assets in the amount of €1.4 billion during the first week of August, according to High Representative of the EU for Foreign Affairs, Josep Borrell.
During a press conference, Borrell confirmed that these funds will be utilized to finance procurement for meeting key military needs of Ukraine. The assistance will include air defense systems and artillery munitions. This move demonstrates the European Union’s commitment to providing support in Ukraine’s fight against Russian aggression.
In addition to financial aid, Borrell also highlighted that the European Commission plans to place orders with the Ukrainian defense industry. We are not going only to provide military support for Ukraine,” he said. This indicates that the EU is not only focused on providing monetary assistance but also intends to actively contribute to Ukraine’s defense capabilities by purchasing weapons from the country itself.
This decision showcases the European Union’s dedication to supporting Ukraine in its efforts to protect its territorial integrity and preserve its independence. By channeling funds from frozen Russian assets towards the acquisition of much-needed military equipment, the EU is not only demonstrating solidarity with the Ukrainian people but also taking concrete steps to help them defend their country against ongoing aggression.
In conclusion, the first tranche of €1.4 billion in funds from expropriated Russian assets is set to be transferred to the European Commission during the first week of August. These funds will be used to finance procurement for key military needs of Ukraine, as well as place orders with the Ukrainian defense industry. The EU’s decision to purchase weapons from Ukraine further highlights its commitment to supporting the country in its ongoing struggle against Russian aggression.