Ukraine will receive the First Tranche of the Interest from Russia's Frozen Assets in the amount of €1.4-1.5 billion in early August 2024, according to Ukrainian Defense Minister Rustem Umerov.
"I want to thank the EU for the important decision to use the profits from frozen Russian assets. On May 21, 2024, the EU Council decided to allocate 90% of the profits from frozen Russian assets to the Ukraine Assistance Fund, which is part of the European Peace Facility. These funds will be directed to Ukraine's defense needs," the Minister noted.
The Total Annual Interest amounts to 2.5-3 billion Euros. The First Tranche of 1.4-1.5 billion Euros will become available in early August 2024.
The EU and Ukraine have agreed that the First Tranche will be spent in Three areas: Ammunition; Air Defense systems; and Support for Ukrainian Manufacturers.
"It is important to note that the EU-funded goods must be delivered to Ukraine by the end of 2024. These Decisions are crucial for strengthening our defense capabilities and supporting Ukrainian manufacturers," Umerov added.
Recently, the European Union (EU) Approved the Allocation of Profits from Frozen Russian Assets to Ukraine.
The U.S. has proposed providing Ukraine with a $50 billion Loan, Secured by Frozen Russian Assets. G7 Leaders Supported this Proposal at the Summit in Italy in June.
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