Ursula von der Leyen
European Commission President Ursula von der Leyen announced the allocation of funds a few hours after Russia’s attack on Kyiv and the surrounding region early Wednesday morning.
“We are once again waking up to news of Russia’s horrific atrocities committed during its airstrikes on Ukraine. Russia must pay for the damage it has caused,” Euronews quoted the European Commission President as saying.
She added that the 1.4 billion euros sent to Kyiv from proceeds of frozen Russian assets “will support Ukraine’s ongoing resistance to Russia’s illegal war.”
The EU froze the assets of the Central Bank of Russia on its territory shortly after Russia’s full-scale invasion in 2022. The assets remain untouched, but the profits generated from them are used to support Ukraine.
According to the European Commission, these assets have so far generated a total of 8 billion euros in excess profits. As for the promised 1.4 billion in aid, Brussels reports that this does not constitute direct financial assistance to Kyiv: 95% of the profits from frozen assets are directed to the Ukraine Lending Facility, and the remaining 5% to the European Peace Fund.
