EU says Ukraine likely to receive $1.5B in frozen Russian assets next month

The European Union's top diplomat, Josep Borrell, has announced that Ukraine is likely to receive the first transfer of $1.5 billion in payments from Russian frozen assets in early August, News.Az reports citing foreign media.

The designated funds will finance the "acquisition of priority military equipment," including air defense, artillery systems, and ammunition.

According to an official statement, Borrell "updated EU Ministers on progress towards the first transfer of 1.4 billion euros expected at the beginning of the August" during the July 22 EU Foreign Affairs Council meeting.

EU ambassadors agreed on May 8 to use the windfall profits from the frozen Russian assets to fund Ukraine's reconstruction and defense needs. Kyiv is expected to receive roughly 3 billion euros every year, according to earlier discussions.

News.Az