EU to receive first part of Russian frozen assets next week: Borrell
2 Min Read
Borrell does not specify how big the first sum is, however, Politico previously revealed that the EU intended to provide Ukraine up to €1.4 billion ($1.5 billion).
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European Union foreign policy chief Josep Borrell arrives for a meeting of EU foreign ministers at the European Council building in Brussels, Monday, May 27, 2024. (AP)
Next week, the EU will get the first bundle of revenue from Russia's central bank assets that have been frozen and are due to be transferred to Ukraine, according to Josep Borrell, the EU's top diplomat.
Borrell told reporters before Monday's EU Foreign Affairs Council meeting that the first sum would be received "next week," and the second would follow "some months later", adding that the entire amount of interest is currently at €2.5 billion ($2.7 billion).
Even though Borrell did not specify how big the first sum is, Politico previously revealed that the EU intends to provide Ukraine up to €1.4 billion ($1.5 billion).
In a subtle jab, Borrell voiced that “we have a legal procedure in order to avoid any kind of blockage” to bypass opposition from an unnamed EU member, explaining that the EU Treaty “provides legal ways in order to advance even if some member-states do not want to participate.”
Last week, Russian Foreign Ministry spokesperson Maria Zakharova said that Russia possesses a "wide arsenal" of economic and political countermeasures if the West seizes its sovereign assets, including a tit-for-tat confiscation of Western assets in Russia.
This comes after the G7 asserted in a statement that Russia must bear responsibility for the damages inflicted on Ukraine, which have surpassed $486 billion. On June 12, they agreed to provide Ukraine with $50 billion by utilizing frozen Russian assets by the end of the year.
The International Monetary Fund (IMF) previously warned that Western plans to seize frozen Russian assets could pose a threat to the global monetary system and entail unforeseen risks.
"From our perspective, it is important that any actions have sufficient legal underpinnings to avoid potential risks, and these include risks of litigation, risks of countermeasures, and risks to the international monetary system," IMF spokesperson Julie Kozack told reporters.
