Russia Accuses Europe of Stealing Frozen Assets to Fund Ukraine Defense

London — Russia has accused the European Union of “theft” after the bloc transferred the first tranche of profits from frozen Russian assets to Ukraine to boost its military capabilities in the face of Moscow’s invasion. The Group of Seven (G7) leading industrial nations are planning a similar scheme. However, there are concerns that the asset transfer scheme could prompt some countries to cut their bilateral funding to Ukraine, after Germany indicated it would end bilateral military aid to Kyiv after 2025. The European Union said Friday it has so far provided about $48 billion in military aid to Ukraine since Russia's invasion in 2022. The bloc has begun providing military and civilian aid to Ukraine using proceeds from $300 billion in seized Russian assets, following an EU agreement reached in May. “We have mobilized the first tranche of windfalls from frozen Russian assets. It is 1.4 billion (euros, or $1.55 billion). Part of it will go directly to Ukraine to boost the Ukrainian defense industry. In March, we will have the second tranche of windfalls,” EU foreign affairs chief Josep Borrell told reporters on Friday. Russian anger Moscow described the transfer of profits from its frozen assets as “theft.” …

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harneys.com - 09/Sep 18:16

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harneys.com - 09/Sep 18:16

On 21 May 2024, the European Council issued a press release stating that it has approved certain legal measures (in the form of decisions) to utilise...

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Russia Accuses Europe of Stealing Frozen Assets to Fund Ukraine Defense

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