Ukrainian Defence Minister and EU chief diplomat discuss spending proceeds of Russian frozen assets

Ukrainian Defence Minister Rustem Umierov and Josep Borrell, EU High Representative for Foreign Affairs and Security Policy, have discussed in Washington the issue of financing arms purchases for Ukraine from the proceeds of frozen Russian assets.

Source: Umierov on Facebook

Quote: "On 21 May 2024, the EU Council decided to transfer 90% of the income from the frozen russian assets to the Ukraine Assistance Fund, which is part of the European Peace Facility. These funds will be directed to Ukraine's defence needs."

Details: Umierov noted that the total amount of interest would be €2.5-3 billion annually. The first tranche of €1.4-1.5 billion will become available in early August 2024.

The EU and Ukraine have agreed that the first tranche will be spent on ammunition, air defence equipment, and support for Ukrainian producers.

Quote: "It is important to note that EU-financed equipment has to be delivered to Ukraine by the end of 2024."

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