1.5 billion Euros of seized Russian assets sent to Ukraine

European Commission President Ursula von der Leyen announced in a post on her X social media account that 1.5 billion euros in funding had been provided to Ukraine.

Pointing out that the EU stands with Ukraine, Von der Leyen stated, "Today, we are transferring 1.5 billion euros in proceeds from frozen Russian assets to Ukraine's defense and reconstruction."

Von der Leyen noted that sending the Kremlin's money to Ukraine is an important symbol, stating that this will make both Ukraine and Europe safer.

EU countries have frozen approximately 200 billion euros belonging to the Central Bank of Russia due to the war. Financial institutions holding these Russian assets generate significant earnings by reinvesting them as they mature.

180 billion euros of the Russian Central Bank reserves frozen by the EU are held at Euroclear, a Belgium-based securities clearing and settlement service provider. Consequently, while the assets on the institution's balance sheet are growing rapidly, Euroclear is generating large amounts of interest income. Euroclear earned more than 3 billion euros in interest from Russian assets frozen due to EU sanctions last year.

EU countries will use the billions of euros in profits generated from the investment of frozen Russian assets to support Ukraine.