EU pledges 1 bn euros for Ukraine derived from frozen Russian assets
Brussels has been scrambling to beef-up its support to Ukraine following the election of Donald Trump, the US president having repeatedly criticised his country's support for Ukraine.
Ukrainian Prime Minister Denys Shmyhal (C) and Ukrainian Minister of Foreign Affairs Andrii Sybiha (C-R) posing with EU High Representative for Foreign Affairs and Security Policy Kaja Kallas (C-L) and foreign ministers of European countries during a Ukraine-EU meeting in Lviv, amid the Russian invasion of Ukraine. (AFP photo)
AFP .
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The EU on Friday pledged to disburse one billion euros ($1.1 billion) from the proceeds of frozen Russian assets to Ukrainian arms companies to help Kyiv fight off Moscow's invasion.
Brussels has been scrambling to beef up its support to Ukraine following the election of Donald Trump, the US president having repeatedly criticised his country's support for Ukraine.
"We have just made available 1 billion euros for the Ukrainian defence industry so that Ukraine could better defend itself," the EU's top diplomat Kaja Kallas said in the western Ukrainian city of Lviv.
"This funding will directly support Ukrainian defence companies and secure additional military aid over the coming months, which are critical."
The West has frozen around $300 billion of Russian central bank assets -- most of which are located in Europe -- over Moscow's February 2022 invasion.
The EU has moved to tap the proceeds -- interest payments -- on them to fund support to Ukraine, a move denounced by Moscow as theft.