The EU will allocate €1.4 billion to Ukraine from profits generated by frozen russian assets

President of the European Commission Ursula von der Leyen condemned russia's "horrific atrocities" following the strikes on Ukrainian territory during the night of August 5, announcing the allocation of €1.4 billion from EU funds generated by proceeds from frozen russian assets, Euronews reports.

Von der Leyen announced the allocation of nearly €1.5 billion just hours after a massive russian missile and drone attack killed at least 17 people in Kyiv and the surrounding region.

"We are once again waking up to news of russia's horrific atrocities committed during its air raids on Ukraine. Russia must pay for the damage it has caused", - the President of the European Commission wrote on X.

She added that the €1.4 billion allocated to Kyiv from the proceeds of frozen russian assets "will support Ukraine's continued resistance against russia's illegal war".

The report recalls that the EU froze the assets of the Central Bank of russia within its territory shortly after russia's full-scale invasion in 2022. While the assets themselves remain untouched, the profits generated from them are being used to support Ukraine.

According to the European Commission, the assets have generated a total of €8 billion in excess profits. As for the promised €1.4 billion in assistance, Brussels notes that this is not direct financial aid to Kyiv: 95% of the profits from the frozen assets are allocated to the Ukraine Loan Cooperation Mechanism, while the remaining 5% goes to the European Peace Facility.