Despite threats from Moscow, the EU has now released interest income from frozen Russian assets within the union to Ukraine. The money is intended to benefit the country’s defense and reconstruction.
European Commission President Ursula von der Leyen announced a transfer of 1.5 billion euros on Friday. “There is no better symbol or use for the Kremlin’s money than making Ukraine and the whole of Europe a safer place to live,” she wrote on the short-messaging platform X on Thursday.
Moscow speaks of ‘theft’
From Moscow’s perspective, this is “theft.” “This money is not only stolen in reality, but is also used to buy weapons,” presidential spokesman Dmitry Peskov said a few days ago. Russia will consider prosecuting those involved in decision-making and implementation of these decisions. Because this is “a direct violation of international law, it is a violation of property rights.”
According to the Commission, around €210 billion of the Russian central bank has been frozen in the EU. The Brussels financial institution Euroclear recently announced that it collected around €4.4 billion in interest in 2023.
Where does the money go now?
The money in question now is interest income from frozen assets of the Russian Central Bank in the EU. The EU had already decided in principle to use this for Ukraine in the spring. The money is now flowing to countries such as Germany or the Czech Republic, which then promptly provide Ukraine with air defense equipment or artillery shells.
Source: Krone
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