EU says it will soon receive €1.4bn in proceeds from frozen Russian assets to procure weapons for Ukraine

The European Union anticipates that the European Peace Facility will receive the first tranche of €1.4 billion from frozen Russian assets in the coming weeks. These funds will be allocated for military purchases for Ukraine.

An Interfax-Ukraine's source said the EU expects to receive €1.4 billion in the next two weeks, which will be transferred to the European Peace Facility.

The official added that their priorities were ammunition, air defence systems, and procurement within Ukraine itself, particularly from Ukrainian manufacturers.

The source also expects that at the upcoming meeting of EU foreign ministers on Monday, 22 July, ministers from several countries will urge Hungary to lift its veto blocking the €6.2 billion previously approved for the European Peace Facility.

Earlier, Josep Borrell, High Representative of the EU for Foreign Affairs and Security Policy, confirmed that the European Peace Facility would receive €1.4 billion in July from Russian assets and another €1 billion by the end of the year.

Last month, the EU approved the use of this fund and the extraordinary profits from the taxation of frozen Russian assets despite Hungary's opposition.