EU to transfer €1.4B in profits from frozen Russian assets to Ukraine – POLITICO

The European Union has collected €1.4 billion in revenue from immobilized Russian central bank assets and will channel the proceeds to Ukraine, the European Commission announced Wednesday.

In a press release, the Commission said the payment, received Monday, was the “fifth transfer of its kind.” Since the assets have been immobilized, they have generated a total of €8 billion in windfall profits.

Brussels said 95 percent of the latest tranche would go through the Ukraine Loan Cooperation Mechanism, helping Kyiv repay EU and G7 loans, while the remaining 5 percent would flow through the European Peace Facility to meet Ukraine’s “pressing military and defence needs.”