EU to Allocate €1.4 Billion to Ukraine from Frozen Russian Assets

The European Union’s High Representative for Foreign Affairs and Security Policy, Josep Borrell, is set to announce on June 24th the first tranche of assets from Russia that will be directed to Kyiv. This announcement, according to Politico, involves €1.4 billion from frozen Russian assets. Borrell is expected to make this declaration during a meeting of EU foreign ministers in Luxembourg.

Germany, Denmark, and the Czech Republic are anticipated to initiate procurement under this aid package for Ukraine. However, according to Politico, Kyiv may not expect a similar tranche until spring 2025. Italy, Latvia, Romania, and Sweden are designated as intermediaries for future transactions.

The article also mentions that Hungary does not have the capability to block the transfer of funds from Russian assets to the Ukrainian aid fund. However, it is likely that Hungary will not support the allocation of €6.6 billion from the European Peace Fund to Kyiv.

Earlier, at the opening ceremony of the Ukraine Recovery Conference 2024 in Berlin, President of the European Commission Ursula von der Leyen announced that Ukraine would receive €3.4 billion in aid during the summer.