Mon. Jul 22nd, 2024

The EU allocates 1.4 billion euros from income from Russian assets for the purchase of weapons for Ukraine – media

Natasha Kumar By Natasha Kumar Jun24,2024

EU allocates 1.4 billion euros from income from Russian assets to purchase weapons for Ukraine, – media

EU countries on Monday approved the first tranche of up to 1.4 billion euros in military aid to Ukraine, which will come from proceeds from frozen Russian assets.

Politico learned this from four European diplomats , reports “European Truth”.

The money is being disbursed through the Ukraine Aid Fund (UAF), but payments have so far been blocked by Hungary.

However, the EU Council's legal service argues that Budapest cannot stop these payments because it abstained during the vote earlier this year in favor of creation of the Fund. The reason the workaround allows is that the funds do not come from EU taxpayers, EU officials said.

The money will not be used to reimburse EU states for funds spent on weapons purchases, but to directly purchase equipment such as ammunition and air defense systems. A quarter of the amount will go to purchases from Ukrainian industry.

Countries had until 11 a.m. to voice their opinions, and none voted against it, according to an internal EU Council message seen by Politico. The decision did not require unanimity, meaning Hungary could not block it.

Despite today's agreement, Hungary continues to block the payment of 6.6 billion euros as partial compensation to EU states for weapons purchased for Ukraine. Budapest is “furious” according to one diplomat. what happened today.

The final amount of profits from the frozen assets that will be used to buy weapons is not yet clear, but diplomats say it fluctuates between 1.2 billion euros and 1.4 billion euros.< /p>

An official announcement is expected after the meeting of EU foreign ministers in Luxembourg on Monday.

The European Union's High Representative for Foreign and Security Policy, Josep Borrell, said before the start of the meeting that the next week, the EU will allocate the first part of 2.5 billion euros from income from frozen assets of the Russian Federation to support Ukraine.

Earlier, he said that the European Union has developed a legal way to bypass Hungary’s veto on the purchase of weapons for Ukraine at the expense of income received from frozen Russian assets this year.

Prepared by: Nina Petrovich

Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my natasha@thetimeshub.in 1-800-268-7116

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