3 weeks ago
EU pledges €1.4 billion from frozen Russian assets to Ukraine
The European Union has some money that belongs to Russia, but that money is frozen because Russia started a war.
Even though the money is frozen, it makes extra money called interest.
The EU decided to give Ukraine €1.4 billion from that interest to help it keep fighting.
The leader of the EU said Russia should pay for the damage caused by the war.
Right around the same time, Russia attacked Kyiv, Ukraine's capital city, with missiles.
The attack killed 17 people and hurt dozens more.
Ukraine's leader said the country does not have enough Patriot missiles to stop the attacks.
He said Ukraine's partners must send more air-defence weapons to save lives.
Ukraine also sent drones to attack targets inside Russia.
The two countries are still fighting, and the EU's money is meant to help Ukraine keep going.
The EU will provide Ukraine €1.4 billion ($1.6 billion) from interest earned on frozen Russian central bank assets to support its war effort.
European Commission President Ursula von der Leyen said Russia should bear the financial consequences of the destruction caused by the war.
A Russian missile barrage on Kyiv and its surrounding region killed 17 people and wounded at least 44, prompting a day of mourning on Thursday.
President Volodymyr Zelenskyy said Ukraine's air defences failed to stop the missiles because of a critical shortage of Patriot interceptors.
Ukraine retaliated with long-range drone strikes, including on Wildberries facilities in Russia's Tula region, while Russia said it downed 475 Ukrainian drones overnight.
- Who
- The European Commission, led by President Ursula von der Leyen, announced the funding for Ukraine under President Volodymyr Zelenskyy.
- What
- The EU will give Ukraine €1.4 billion ($1.6 billion) generated from interest on frozen Russian central bank assets.
- Where
- European Union and Ukraine; the announcement came amid Russian missile attacks on Kyiv and Ukrainian drone strikes on targets in Russia, including the Tula region south of Moscow.
- When
- Announced on Wednesday; the funds were transferred to the EU on August 3.
- Why
- To support Ukraine's resistance against Russia's invasion and ensure Russia bears the financial consequences of the war.
Ukraine and EU perspective
Russia's perspective
Targets of the missile strikes
Ukraine and EU perspective
Zelenskyy said the barrage hit civilian targets — a brewery, a warehouse for construction material and a mail sorting office — that had nothing to do with the war.
Russia's perspective
Russia's Defence Ministry said the businesses had military ties.
Ceasefire
Ukraine and EU perspective
Zelenskyy has accepted the unconditional ceasefire demanded by U.S. President Donald Trump.
Russia's perspective
Russian President Vladimir Putin has refused the ceasefire.
Ukrainian drone strikes inside Russia
Ukraine and EU perspective
Ukraine says Wildberries provides goods that can be used by the military and wants to unsettle the Russian public with high-profile attacks.
Russia's perspective
Russia's Defence Ministry said its forces downed 475 Ukrainian drones overnight, depicting the strikes as attacks on its territory.
Key facts
- Amount
- €1.4 billion ($1.6 billion)
- Funding source
- Interest on frozen Russian central bank assets
- Funds transferred to EU
- August 3
- Announced by
- European Commission President Ursula von der Leyen
- Kyiv attack casualties
- 17 killed, at least 44 wounded
- Official mourning
- Thursday
- Air defence missile supply
- Fell to one-third of the 2025 level in the first half of the year
- Russian drones downed
- 475 Ukrainian drones over 16 regions, Crimea, the Sea of Azov and the Black Sea
Quotes
Ursula von der Leyen
President of the European Commission
“"Ballistic interceptors are what could have saved the lives of those killed today. It is very important for our partners to understand that delays in supplying them, or a reluctance to hand over anti‑ballistic systems, lead directly to such horrific casualties and destruction."”
firstpost.com
“"We are making a further €1.4 billion of them available to Ukraine. This will support Ukraine’s continued resistance against Russia’s illegal war."”
firstpost.com
Sources
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