PipEU transfers Ukraine €1.4bn from frozen Russian assets
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.
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.