Zelenskyy and European Council President discuss use of income from frozen Russian assets

President of Ukraine Volodymyr Zelenskyy and European Council President Charles Michel have discussed the use of income from frozen Russian assets to meet Ukraine's needs.

Accroding to the Office of the President of Ukraine, the main topics of the meeting between Zelenskyy and Michel were the use of income from frozen Russian assets for Ukraine's needs and the steps that need to be taken to implement this decision as soon as possible. 

They also focused on maintaining sanctions pressure on Russia and blocking any attempts to circumvent sanctions.

In addition, Zelenskyy and Michel had a detailed discussion on the frontline situation, Ukraine’s military needs, steps to strengthen the country’s resilience and defence capabilities, and the implementation of joint security commitments between Ukraine and the EU.

Zelenskyy also expressed gratitude for the first tranche of €1.5 billion obtained from income generated by Russian assets.

"I think that with your support, our path to the EU will be faster. There will be challenges. But in any case, we can see light in the near future," he added.

The European Union agreed in June to use part of the windfall profits from frozen Russian assets for military aid to Ukraine. The decision was approved despite opposition from Hungary.

Top EU diplomat Josep Borrell stated that in addition to the first tranche, a further €1 billion will be allocated to purchase weapons for Ukraine by the end of the year.

It was also recently reported that the EU still plans to provide a new loan of up to €40 billion to Ukraine by the end of 2024, regardless of US participation, after an agreed G7 plan for a US$50 billion loan using frozen Russian assets ran into problems.