Brussels will soon collect €1.4 billion from Russia’s frozen assets.
Los ministers of Foreign Affairs of the European Union met this Monday with the urgent task of unlock new military aid a Ukraineas the country tries to contain the renewed push of Russian troops in the east.
For more than a year, Hungary has blocked the provision of aid within the framework of the European Peace Support Fund (EFF)which has created a delay of 6.6 billion euros. This prevents Member States from receiving partial reimbursement for the supplies they send to kyiv.
He long traffic jam has become a reason for shame for Brussels, which is now trying to find new ways to circumvent Budapest. The solution could soon be found in the 210 billion euros in assets of the Russian central banks that the bloc’s sanctions have immobilized. Despite their condition, these assets continue to generate income that Moscow does not receive.
EU countries They agreed in March to capture this income and channel it directly to ukrainian coffers to finance military equipment and reconstruction projects.
Borrell is confident that the first tranche of funds will be available next week
And first tranche of 1.4 billion euros will be available next week and it must be transferred quickly, said Josep Borrell, the EU’s foreign policy chief. “We decided to accept this money; we are not going to reconsider a decision that has already been made. Now we have to put it into practice,” Borrell declared this Monday.
“I can’t have this money in my pocket, this money is for military support to Ukraine. The decision has to be made immediatelyavoiding any type of blockage,” added Borrell, who said that the ministerial meeting would focus on fine-tuning the “method” for using the money and shielding the plan from national vetoes, as happened with the EFF.
“Ukraine needs more help, and it needs it now. Now, before summer“, he said. “And I hope that the ministers support the proposal that we have presented,” added the head of community diplomacy.
Lithuanian Gabrielius Landsbergis was “optimistic” that ministers will make a decision soon and release the money. “If not for the EFF, perhaps it will adopt some different waybut I am sure that the Ukrainians will receive the money,” he said.
Making sure kyiv receives at least 1.4 billion euros has become a pressing priority for Brussels. On July 1, Hungary will take over rotating presidency of the Council of the EU and will be empowered to set the agenda, promoting the issues it favors and downplaying those it opposes.
