EU top diplomat confirms EU's agreement to use Russian assets to allocate €1.4bn for Ukraine military aid

Josep Borrell, High Representative of the EU for Foreign Affairs and Security Policy, has confirmed that the EU member states have agreed to use the proceeds from frozen Russian assets to procure armament for Ukraine and the first tranche of €1.4 billion.

Source: Borrell at a press conference following a meeting of foreign ministers of EU member states, as reported by European Pravda

Details: Borrell confirmed that the EU member states had reached an agreement regarding the allocation of the proceeds from frozen Russian assets in favour of Ukraine and the size of the first tranche, namely €1.4 billion.

Quote: "Ministers today agreed on a legal framework for the use of profits from immobilised Russian assets to be allocated to the European Peace Fund."

Borrell stated that these funds would be used in favour of Ukraine "in the safest possible way".

"€1.4 billion will be available in the course of next month and another billion by the end of the year. This will be allocated for Ukraine for these three purposes – air defence, ammunition, supporting of the Ukrainian industry," Borrell specified.

Borrell noted that the EU found a way to circumvent Hungary's constant attempts to block the decision.

"We understand that legally, since one of the member states didn't participate in the decision to use these assets, it has no right to decide to which purpose they are allocated. We will now speed up without having this blockage that we still have to solve on the European Peace Facility. The leaders will discuss it at the next summit," he said.

Background: Earlier on 24 June, Politico reported about this agreement with reference to sources.

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