EU Ambassador: Part of the Funds from Frozen Russian Assets Will Be Used to Prepare Ukraine for Winter

The mechanism for Ukraine's actual receipt of funds from Russian assets frozen abroad under the Group of Seven agreement is still being finalised, while the European Union has already received the first such transfer to be provided to Ukraine in the near future.

This was stated in an interview with Ukrinform by the EU Ambassador to Ukraine Katarina Mathernova.

‘The development of the actual mechanism (by the Group of Seven for a $50 billion loan to be secured by the proceeds of frozen Russian assets - ed.) is at the final stage,’ the ambassador said.

‘But it's also important to remember that the European Union, before the G7 leaders agreed on their process, had already taken real action and sequestered assets, as the bulk of them are within the European Union, namely in Belgium, in the international depository Euroclear. And this July, we received the first transfer of 1.5 billion euros, and all this money is for Ukraine,’ Mathernova said.

She explained that this money is to be used to buy weapons and ammunition through the capabilities of several EU member states. In addition, the money will be used to purchase weapons in Ukraine, which eliminates transport and logistics costs.

‘Also, part of the money will be used to prepare the energy sector for winter,’ the ambassador said, adding that ’1.5 billion euros is already a reality, this money is already being contracted and will be sent to Ukraine for direct purchase of weapons very, very soon.’