The funds will be used to purchase priority military equipment for the Armed Forces of Ukraine.
The European Union will use the first tranche of 1.4 billion euros from the proceeds from Russia’s frozen assets to buy weapons for Ukraine in early August. This was announced by EU High Representative for Foreign Affairs and Security Policy Josep Borrell in a press conference in Brussels on Monday, July 22.
“With the revenues, I updated the development ministers on the preparation of the first transfer of €1.4 million, which is expected to take place in early August – next week,” he said.
The EU’s chief diplomat noted that these funds will be used to purchase priority military equipment for Ukraine – air defense equipment, artillery shells and weapons in the Ukrainian industry.
“So, we will provide military support not only to Ukraine, but to Ukraine itself, which, of course, is the most logical and most effective path we can take,” Borrell emphasized.
Let’s recall that at the end of May the Council of the EU approved the transfer to Ukraine of the proceeds from the taxable surplus of frozen Russian assets. Annual revenues will be around 2.5-3 billion euros. 90% of the expected income will be used for military purposes to support the defense of Ukraine. 10% will go to restoration and reconstruction.
Source: korrespondent
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