Ukraine to receive €2.5 billion from frozen Russian assets next week – EU chief diplomat

Josep Borrell, High Representative of the European Union for Foreign Affairs and Security Policy, has said that Ukraine will receive EUR2.5 billion from the proceeds of frozen Russian assets next week. Source: Borrell before a meeting of EU foreign ministers in Luxembourg, as reported by European Pravda Details: Borrell said that the EU should look for a way to use the frozen Russian assets, avoiding any blocking by member states.

"We have these revenues coming from the frozen assets, and we have to look for a way in order to use them, avoiding any kind of blockage.

We have a process in order to make this work. The first tranche of money will come next week, in July, yes. The next will come somewhere later," Borrell said, clarifying that Ukraine will receive EUR2.5 billion next week. 

Borrell said that the recent Peace Summit in Switzerland "where a diplomatic track has been opened" towards ending the war, but Putin responded by "travelling to North Korea, travelling everywhere where he can get arms."

"We have to increase our support to Ukraine," he summed up.  

Background: 

• Earlier, Borrell said that the EU had developed a legal route to bypass Hungary's veto on arms purchases for Ukraine using the proceeds of frozen Russian assets this year, which could also clear the way for the G7 to disburse US£50 billion to Kyiv.
• The Financial Times noted that overriding Hungary's veto could also remove an obstacle to G7 efforts to raise a US£50 billion loan for Kyiv by December, which is to be paid from future revenues - a decision made by leaders at the summit in Italy.
• At the same time, officials said that Hungary could still block EU sanctions that freeze Russian assets, a decision that the 27 EU countries must unanimously renew every six months.

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