EU sends first $1.6 bn from frozen Russia assets to Ukraine

The Hague: The European Union announced on Friday it had made 1.5 billion euros ($1.6 billion)

available to support Ukraine, the first tranche of money generated from profits on frozen Russian assets.

In May, the EU’s 27 member states reached an agreement to use the interest earned on some 210 billion euros

($225 billion) in Russian central bank assets for military support for

Ukraine and rebuilding efforts in the war torn country.

The money, most of which is held in Belgium, was frozen as part of sanctions packages in retaliation for Moscow’s full-scale invasion.

Brussels estimates that the interest on those assets could provide around 3 billion euros each year.