EU to transfer revenue from up to $3.25 billion in frozen Russian assets to Ukraine by July

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The European Commission will transfer revenues from frozen Russian assets to Ukraine, with the first payment - up to EUR 3 billion ($3.25 billion) - expected in July.

The EU had frozen the funds from Russian Central Bank assets.

“I welcome the official decision of the Council of the European Union,” Executive Vice-President for an Economy that Works for People, Valdis Dombrovskis, said.

“Speed remains of the essence and the Commission will continue making all efforts to allow the first payment to be made already in July.”

The decisions will enter into force after their publication in the EU Official Journal.

"Resources (from Russia's assets. — ed.) will be available to support Ukraine, starting from July 2024, with bi-annual payments," a message on the European Commission website says.

The European Union is expected to direct all funds received from Russian assets to the Ukraine Facility program in 2024, which provides economic assistance to Ukraine for four years.

It is expected to amount to EUR 2.5 - 3 billion ($2.7 - 3.25 billion).

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Confiscation of Russian Assets

The USA and the EU were jointly considering legal authority to direct $300 billion in Russian assets to Ukraine's reconstruction and other needs, U.S. Secretary of State Antony Blinken said.

The U.S. Senate Foreign Relations Committee approved a bill to confiscate Russian assets and transfer them to Ukraine to rebuild its infrastructure on Jan. 24.

Read also: Frozen Russian assets may help Ukraine wage war four more years - Reuters

Outlines of decisions necessary to transfer frozen Russian assets to Ukraine are already being prepared, Ukrainian President Volodymyr Zelenskyy said.

Bill No. 8038 on the transfer of frozen Russian assets to Ukraine received the required number of votes to be passed by the U.S. House of Representatives on April 20.

Ukraine may receive almost $8 billion as part of this procedure.

The bill must now be approved by the U.S. Senate.

EU ambassadors reached a preliminary agreement on May 8 to direct revenue generated by frozen Russian assets toward supporting Ukraine.

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Read the original article on The New Voice of Ukraine