EU to Transfer First Payment of Russian Assets for Ukraine Aid in July

European Commission expects to start using frozen Russian assets for Ukraine’s needs in July, as reported in a statement by the European Commission.

“Speed remains important, and the Commission will continue to make every effort to ensure that the first payment is made as early as July 2024,” the EC website reported on May 21.

EC Vice President Valdis Dombrovskis assured that the way the EU has chosen to use Russian assets “is legally sound and flexible so that support can be adapted to Ukraine’s most pressing needs.”

The European Commission clarified that the decision on Russian assets will take effect after publication in the Official Journal of the EU. “Resources (from Russian assets — Ed.) will be available to support Ukraine, starting in July 2024, with payments twice a year,” says the statement.

The European Union will direct all funds received from Russian assets to the Ukraine Facility mechanism — a four-year program of economic assistance to Ukraine, as reported by the European Commission. According to the statement, it’s about 2.5-3 billion euros.

As the EU Council has already reported, 90% of the funds will go to the European Peace Fund to supply Ukraine with weapons, and the remaining 10% to the EU budget for recovery needs.

Earlier this month, European Union ambassadors have reached an agreement to unlock frozen Russian assets and send them to Ukraine.