Elena Buturlim10:11, 06/24/24

The EU’s top diplomat is due to announce the decision at a meeting of foreign ministers in Luxembourg.

On Monday, June 24, EU chief diplomat Josep Borrell is expected to announce an agreement to channel up to 1.4 billion euros of profits from frozen Russian assets to the Ukraine Assistance Fund, Politico writes .

It is noted that the EU High Representative for Foreign Affairs and Security Policy will announce such a decision at a meeting of EU foreign ministers in Luxembourg. The tranche itself was finally approved on June 21.

According to journalists, this is the first tranche of what is expected to be a regular flow of cash. In addition, Hungary will not be able to block it, as it did with payments for Ukrainian weapons within the European Peace Fund.

Excess profits will be channeled through member countries, which will work as “executing agents,” that is, purchasing products that Ukraine has indicated as a priority. The countries chosen to receive the tranche include Germany, the Czech Republic and Denmark, three diplomats said. Italy, Latvia, Romania and Sweden are expected to be responsible for the next tranche in spring 2025, two diplomats said.

At the same time, the decision to override Hungary’s veto angered Budapest, two diplomats said. Hungary can now strengthen its veto over the €6.6 billion European Peace Fund. It is expected that this issue will be considered at today’s meeting.

Money from EU frozen assets for Ukraine

EU chief diplomat Josep Borrell also said the EU has developed a legal route to bypass Hungary’s veto on arms purchases for Ukraine using proceeds from frozen Russian assets this year. It could also clear the way for the G7 to pay Kyiv $50 billion.

Earlier, the Finance Ministers of the Group of Seven countries supported the idea of ​​providing Ukraine with a loan secured by income from the frozen assets of the Russian Federation in order to provide financing for Kyiv after 2024.

(C)UNIAN 2024