EU transfers Ukraine €1.4bn from frozen Russian assets

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https://tvpworld.com/92426371/eu-sends-ukraine-14bn-from-frozen-russian-assets

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The European Union is set to transfer Ukraine €1.4 billion in profits generated from frozen Russian central bank assets.
95% of the proceeds will be used to support Ukraine through the Ukraine Loan Cooperation Mechanism, which helps Kyiv service loans provided by the EU and G7 partners.
The remaining 5% will be allocated via the European Peace Facility to address Ukraine’s military and defense needs.

Just to clarify: They’re not taking frozen Russian money and giving it to Ukraine!

They’re taking the interest generated by the frozen Russian money, and pay 95% of it to themselves and other countries who loaned money to Ukraine.

No actual money arrives in Ukraine. Only Ukraine’s debt to the EU is reduced by that amount.

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Which in turn, is still ‘paying’ Ukraine.

This allows Ukraine to borrow more, and/or pay less interest.

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pay 95% of it to themselves

I feel like that’s a little disingenuous. 95% goes toward servicing Ukraine’s loans and 5% goes to direct defense spending.

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Well, we wouldn’t want Ukraine to go bankrupt the moment Putin withdraws from Ukrainian soil. Any bit helps.

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Ya love to see it

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I would love to see reactions of .ml and .hexbear users to this.

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Good. Now transfer the rest.

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Took em fucking long enough.

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It’s profits from frozen funds. They’ve been doing this since the start of the war.

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Comments in EU@piefed.social

That’s the way

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The revenue comes from Russian Central Bank assets immobilized on the continent under EU sanctions imposed after the full-scale invasion of Ukraine in 2022.

While the assets themselves remain frozen, the EU has authorized the use of profits generated from them to support Ukraine.

That’s interesting, and probably wise.

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