Frozen Russian assets for Ukraine: Umerov announced the purpose of the first tranche 

The first tranche from the profits of frozen Russian assets will be available to Ukraine in August. The funds will be directed towards defense needs.

This was announced by Head of the Ministry of Defense of Ukraine, Rustem Umerov. Umerov met in Washington with the EU High Representative for Foreign Affairs and Security Policy, Josep Borrell. The Ukrainian minister expressed gratitude for the decision to use the profits from frozen Russian assets.

"On May 21, 2024, the EU Council decided to direct 90% of the profits from frozen Russian assets to the Ukraine Assistance Fund, which is part of the European Peace Facility. These funds will be allocated for Ukraine's defense needs," the Defense Minister said.

He specified that the total amount of interest will be 2.5-3 billion euros annually. The first tranche of 1.4-1.5 billion euros will be available at the beginning of August. 

The EU and Ukraine agreed that the first tranche will be spent on:

• ammunition,

• air defense systems,

• support for Ukrainian manufacturers.

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