EU announces time for money transfer to Ukraine

Ukraine will receive the first tranche of 1.5 billion euros ($1.6 billion) from profits from Russian assets frozen in the EU "before the summer holidays," European Trade Commissioner Valdis Dombrovskis said on June 21.

'Lockdown' on profits from frozen Russian assets: EU announces time to transfer funds to Ukraine. (Source: Getty Images)

Although Mr Dombrovskis did not say exactly when Ukraine would receive the money, EU institutions typically take summer breaks from late July until early September.

The EU agreed on May 8 on a plan to use windfall profits from Russian fixed assets to finance Ukraine's reconstruction and defense needs.

According to previous discussions, Kiev is expected to receive around 3 billion euros ($3.2 billion) a year. “We estimate that our measures will bring in around 3 billion euros ($3.2 billion) this year and we expect to make the first transfer of 1.5 billion euros ($1.6 billion) before the summer holidays,” Dombrovskis said.

Mr Dombrovskis said he also welcomed the agreement reached in the G7 to provide a $50 billion loan to Ukraine using the proceeds from frozen Russian sovereign assets.

Ukraine's Western partners and other allies have frozen about $300 billion worth of Russian assets since the country began its military campaign in Ukraine in 2022.

While some G7 members, such as the US, have proposed outright seizure of Russian assets, the EU has been more hesitant, fearing the legal and financial pitfalls of doing so. Instead, Brussels has sought to use the windfall profits generated from the frozen assets and transfer them to Kiev.

Source: https://baoquocte.vn/chot-chiem-giu-khoan-loi-nhuan-tu-tai-san-nga-bi-phong-toa-eu-thong-bao-thoi-gian-chuyen-tien-cho-ukraine-275862.html