European Commission President Ursula von der Leyen announced that the EU will transfer €1.5 billion to Ukraine, sourced from frozen Russian assets within the EU.
“We are using funds from Kremlin assets to help rebuild and protect Ukraine,” von der Leyen stated on X (formerly Twitter).
Following Russia’s invasion of Ukraine in February 2022, the West froze Russian assets worth €276 billion. The G7 agreed last month to provide Ukraine with a $50 billion loan from these assets.
Ukrainian Prime Minister Denys Shmyhal expressed gratitude, stating, “Thank you to von der Leyen and the EU for this crucial support. Together, we are turning hostility into strength and building a safer, more resilient Europe.”
Most frozen Russian assets—about €210 billion—are in Europe, with around $10 billion in the U.S. and additional assets in Japan and the UK. Kremlin spokesperson Dmitry Peskov responded, stating Russia will retaliate but must plan carefully.
