Ukraine to receive $15 billion in frozen Russian assets in August, Borrell says.

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The European Union's top diplomat, Josep Borrell, announced on July 22 that Ukraine is expected to receive the first transfer of £1.5 billion in payments from Russian frozen assets at the beginning of August. The designated funds will finance the "acquisition of priority military equipment," including air defense, artillery systems, and ammunition. According to an official statement, Borrell "updated EU Ministers on progress towards the first transfer of 1.4 billion euros (£1.5 billion) expected at the beginning of the August" during the July 22 EU Foreign Affairs Council meeting.

EU ambassadors agreed on May 8 to use the windfall profits from the frozen Russian assets to fund Ukraine's reconstruction and defense needs. Kyiv is expected to receive roughly 3 billion euros (£3.2 billion) every year, according to earlier discussions. Earlier this summer, Borrell announced that Ukraine would receive revenue payments from Russian frozen assets in two tranches starting in July.

Ukraine's Western partners and other allies froze around £300 billion in Russian assets at the start of the full-scale invasion in 2022. Roughly two-thirds are held in the Belgium-based financial services company Euroclear. While some G7 members, like the U.S., proposed seizing Russian assets outright, the EU has been more hesitant, fearing the legal and fiscal pitfalls of confiscation.

Instead, Brussels seeks to use windfall profits generated by the frozen assets and funnel them to Kyiv.

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