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European Commission President Ursula von der Leyen condemned Russia’s “horrible atrocities” following overnight attacks on Ukraine and announced €1.4 billion in EU funding from proceeds generated by immobilised Russian assets.
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Von der Leyen announced the funding on X a day after Russian ballistic missile and drone attacks on Kyiv killed at least 17 people. Russia has intensified its attacks on Ukraine in recent weeks, striking several civilian targets.
“Once again we wake up to the news of horrible atrocities by Russia through its aerial attacks on Ukraine. Russia must pay for the destruction it has caused,” von der Leyen said wrote.
She added that the €1.4 billion to Ukraine from the proceeds generated by immobilised Russian assets would “support Ukraine’s continued resistance against Russia’s illegal war.”
The EU froze Russian Central Bank assets within its jurisdiction shortly after Russia’s full-scale invasion of Ukraine in 2022. While the assets remain untouched, the profits generated from them have been used to support Ukraine.
According to the European Commission, those assets have generated a total of €8 billion in windfall profits.
Despite von der Leyen’s remarks, the largest share of the latest tranche — 95%, or €1.33 billion — will not be provided as direct military assistance. Instead, it will be channelled through the Ukraine Loan Cooperation Mechanism to help service loans extended to Ukraine under G7 and EU initiatives.
The remaining €70 million will be allocated through the European Peace Facility, which finances military assistance for Ukraine.
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