Brussels (agencies)
Yesterday, the European Commission issued the first batch, worth 4.5 billion euros ($4.9 billion), in financial aid to Ukraine, from a support fund worth 50 billion euros.
Commission President Ursula von der Leyen said in a statement that in the face of the Ukrainian crisis, payments are crucial to help Ukraine maintain the country's performance.
The financial support aims to strengthen the country's public finances, including paying pensions and salaries and providing basic public services.
The EU's executive arm announced the first payment while Ukraine's Prime Minister, Denis Shmykal, was visiting Brussels to present a plan to lay the foundation for regular future payments from the EU fund.
The Prime Minister of Ukraine thanked the European Union for the financial support it provided to his country, adding, “Ukraine will always remember and appreciate this.”
It is noteworthy that the fund, which is worth 50 billion euros for Ukraine, over four years, from the European Union budget, faced fierce opposition from the Prime Minister of Hungary, Viktor Orban, who obstructed the first attempt to launch the fund. Orban criticized the lack of review options in the fund. The Hungarian leader also criticized that, in his view, EU budget funds allocated to his country had been withheld, due to allegations of corruption and abuse of power.
Meanwhile, yesterday, Russia threatened the European Union to prosecute it legally for decades if the proceeds of its frozen assets were used for the benefit of Ukraine.
The continental bloc is scheduled to present a plan aimed at confiscating these revenues to finance the purchase of weapons for Kiev, and the plan will be discussed during a summit of the twenty-seven countries over the next two days.
Kremlin spokesman Dmitry Peskov told reporters, “Europeans must be well aware of the damage that such decisions could cause to their economy, their image and their reputation as reliable guarantors of the sanctity of property.”
He added, “It is natural that the people and countries who participate in making such decisions will become the subject of prosecution over many decades.”
Russian Foreign Ministry spokeswoman Maria Zakharova said, “These actions constitute a blatant and unprecedented violation of basic international norms,” threatening a response from Moscow.
European Union foreign policy official Josep Borrell confirmed that the frozen Russian assets in the European Union amount to 200 billion euros, and will allow securing “three billion euros annually” to finance the purchase of weapons for Ukraine.
The proposal stipulates that 90% of the confiscated proceeds go to a European fund that finances the purchase of weapons. The remaining 10% will go to the European Union budget “to strengthen the capabilities of the Ukrainian defense industry.”
The possibility of confiscating or using Russian state assets, after they were frozen following the start of the Russian attack on Ukraine in February 2022, has been the subject of controversy for two years.
Russia summoned the Swiss ambassador to Moscow last week in protest against her country's vote on measures allowing the use of frozen assets in Switzerland to finance repair of damage in Ukraine.
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