The European Union will send €2.5 billion in profits from frozen Russian assets to aid Ukraine in two tranches, with the first arriving next week, according to the EU's High Representative for Foreign Affairs and Security Policy, Josep Borrell.
"Today, we are going to approve the method in order to use this money. This money is already here. We decided to take this money – we are not going to reconsider a decision which has already been taken. Now, we have to implement this decision: the money will come next week," he said before a meeting of EU foreign ministers.
Borrell reminded that this money is intended for military support for Ukraine. "The decision has to be taken immediately, avoiding any kind of blockage. This is what we are going to decide today," he added.
According to him, one part of the €2.5 billion will arrive next week. "The other part will come some weeks later," Borrell said.
On May 21, the European Commission decided to transfer the profits from Russian assets to Ukraine. As stated by the EU's chief diplomat Josep Borrell, 90% of the proceeds from frozen Russian assets will be directed to the European Peace Facility for supplying Ukraine with weapons. The remaining 10% will go towards Ukraine's recovery.
Previously, Politico reported that the EU would send €1.4 billion from the profits of Russian assets to the Ukraine Aid Fund.