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Serhiy Koretskyi, Prime Minister of Ukraine (Photo: Serhiy Koretskyi / Telegram)
The European Union will provide Ukraine with €1.4 billion from proceeds generated by frozen Russian assets, with the funds earmarked to strengthen the country's defense, Prime Minister Serhiy Koretskyi said on Aug. 5.
"The EU will provide Ukraine with 1.4 billion euros ($1.6 billion) from proceeds generated by frozen Russian assets. The funds will be used to strengthen our country's defense and resilience," he wrote on Aug. 5.
Koretskyi said Russia's campaign of terror must be met with stronger support for Ukraine. "Russia must pay for every new crime it commits," the prime minister added.
The European Commission confirmed that the EU had received another 1.4 billion euros in windfall profits generated from interest on frozen assets of Russia's central bank and that the funds would be allocated to Ukraine, Interfax-Ukraine reported.
"Russia must pay for the destruction it has caused. And we are using the proceeds from frozen Russian assets to ensure that happens. We are providing Ukraine with another 1.4 billion euros from these funds. This will help Ukraine continue resisting Russia's illegal war," European Commission President Ursula von der Leyen said.
As previously reported, on July 30, Koretskyi said Ukraine had received a 3.47 billion euro tranche from the EU under the Ukraine Support Loan.
On July 23, Ukraine also received the second tranche under the International Monetary Fund's Extended Fund Facility program, worth about $690 million.
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