EU to Provide €1.4 Billion from Interest on Frozen Russian Assets to Ukraine
EU Allocates Interest from Frozen Russian Assets to Aid Ukraine
Background of the Asset Freeze
BRUSSELS, Aug 5 (Reuters) - The European Union will use €1.4 billion ($1.6 billion) taken from interest generated by frozen Russian assets to help Ukraine, the European Commission said on Wednesday.
The money, transferred to the bloc on August 3, came from interest on cash balances, part of Russian central bank assets frozen by the EU in the wake of Moscow's invasion, the Commission added.
Statements from EU Leadership
"Russia must pay for the destruction it has caused. And we are using the proceeds from the immobilised Russian assets to make sure it does," European Commission President Ursula von der Leyen said in the statement.
Support for Ukraine's Resistance
"We are making a further €1.4 billion of them available to Ukraine. This will support Ukraine's continued resistance against Russia's illegal war," she added.
Additional Information
($1 = 0.8669 euros)
(Reporting by Sudip Kar-Gupta; Editing by Andrew Heavens)
