First €1.4 billion tranche from Russian assets to be allocated for Ukraine's military needs in early August

Josep Borrel, top EU official for foreign policy and security policy, has announced that the EU will direct the first tranche of frozen Russian assets to the procurement of armament for Ukraine at the beginning of August.

Borrell stated at a press conference following the results of the meeting of foreign affairs ministers of the EU countries in Brussels that he "updated the ministers about the progress towards the first transfer of €1.4 billion".

The transfer is "expected to happen at the beginning of August, next week", Borrell specified. Previously he had said that the funds would be transferred in July.

Borrell explained that these funds would be directed at the acquisition of priority military equipment for Ukraine – air defence systems, artillery ammunition and the procurement in the Ukrainian defence industry.

"We are not only going to provide military support to Ukraine but from Ukraine itself. Certainly, it’s the most logical and efficient thing we can do," Borrell summed up.

In June the EU reached an agreement on using a part of excess profit from frozen Russian assets for military aid for Ukraine. The decision was adopted despite Hungary’s veto.

Borrell said that besides the first transfer of €1.4 billion, €1 billion more will be allocated for armament procurement for Ukraine by the end of the year.