BRUSSELS July 27. 2024 (Saba) - The European Commission has transferred 1.5 billion euros from the profits of investing frozen Russian assets to purchase weapons for Ukraine.
According to the European magazine "Politico," after months of intense negotiations in Brussels, the European Union's executive body has sent the first tranche of funding to Ukraine. Of this amount, 90 percent will be used for military purposes, while the remaining funds will go toward humanitarian aid.
EU capitals agreed to utilize the proceeds from investing 192 billion euros of frozen Russian assets held by the Brussels-based Euroclear Securities Company.
Between February 15 and June 30, these Russian assets generated revenues of 1.55 billion euros, according to Euroclear figures. The financial institution retained about ten percent as a buffer against legal and financial risks.
The G7 nations aim to build on this EU agreement to enhance support for Ukraine. Western alliance leaders have agreed to issue a $50 billion loan to Kyiv, which will be repaid through asset profits, though details are still being finalized.
H.H
resource : Saba
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