European Commission President Ursula von der Leyen is showing no signs of slowing down over the summer. Just one day after Russian ballistic missiles and drones once again struck Kyiv, the European Union disbursed another €1.4 billion to Ukraine, financed from the profits generated by frozen Russian assets.
“Once again, we have woken up to the horrific atrocities committed by Russia through its aerial attacks on Ukraine. Russia must pay for the destruction it has caused,” Commission President von der Leyen wrote in a statement.
The European Commission remains firmly committed to supporting Ukraine. In her post, von der Leyen noted that the vast majority of this latest tranche—95 percent, or €1.33 billion—will not be provided as direct military assistance. Instead, it will be channelled through the Ukraine Loan Cooperation Mechanism, enabling Ukraine to service loans granted under initiatives launched by the G7 and the European Union.
Shortly after Russia’s full-scale invasion of Ukraine in 2022, the European Union froze the Russian Central Bank’s assets held within EU jurisdiction. While the underlying assets themselves remain untouched, the profits generated from them are being used by the EU to support Ukraine.
