es flag go to the original language article
This article has been translated by Artificial Intelligence (AI). The news agency is not responsible for the content of the translated article. The original was published by EFE.

The EU agrees to give Ukraine an initial tranche of 1.4 billion from the benefits of frozen Russian assets

by AI | 25.Jun 2024 | Europe in brief AI

European Union (EU) foreign ministers agreed on Monday to grant Ukraine a first tranche of 1.4 billion euros from the extraordinary profits of frozen Russian assets due to sanctions, which will be used to purchase military equipment for defense against Russia, community sources confirmed to EFE.

Ukrainian soldiers at an undisclosed location in Kharkiv on June 18, 2024. EFE/EPA/SERGEY KOZLOV

This will be legally possible thanks to the constructive abstention of Hungary, which was blocking this issue, diplomatic sources indicated.

Other diplomatic sources explained that the Council relied on an interpretation of community legislation according to which Hungary could not give an opinion on an instrument to which it is not contributing.

The EU had already reached an agreement to use that to defray military support to Kiev with the extraordinary profits generated by the frozen Russian assets due to sanctions imposed by the invasion of Ukraine, so it is not a matter of funds contributed by each Member State.

But now it was necessary to implement that decision, which Hungary vetoed as it did others to finance military aid to Ukraine through the European Peace Support Fund (FEAP).

Unanimity is necessary in EU Foreign Policy decisions.

Arriving at the meeting that the ministers are holding in Luxembourg, the EU High Representative for Foreign Affairs and Security, Josep Borrell, said he would propose a legal method to the Council to circumvent Hungary’s veto and that Ukraine could benefit from the extraordinary profits from frozen Russian assets as early as next week.

“I hope the ministers approve the proposal”

said Borrell to the press.