First EUR 1.4 bln of windfall income from immobilized Russian assets to be sent to European Peace Facility next week for Ukraine’s military needs – Borrell

09:48, 23.07.2024 1 min read

The European Union's High Representative for Foreign and Security Policy, Josep Borrell, has said that the first EUR 1.4 billion of windfall income from immobilized Russian assets will go to the European Peace Facility next week and will be directed to military assistance to Ukraine.

As Borrell himself said at a press conference in Brussels on Monday, which took place after the meeting of the EU Council on Foreign Affairs, he informed the ministers about the progress of work on the first transfer in the amount of EUR 1.4 billion, which is “expected to happen at the beginning of August – next week.”

“We are set to finance the acquisition of priority military equipment – once again, air defence, ammunition for artillery – and also, and this is new, procurement for the Ukrainian defence industry. So, we are not going only to provide military support to Ukraine but from Ukraine itself. Which is certainly the most logical and efficient thing we can do,” the High Representative detailed.