EU proposes using proceeds from immobilized Russian assets to issue first tranche of aid to Ukraine in coming weeks - EC

BRUSSELS. July 10 (Interfax) - The proposal to use proceeds from immobilized Russian assets in the interests of Ukraine is being implemented successfully, and the first such funds will be provided to Kiev within the next few weeks, European Commission (EC) spokesperson Christian Wigand said.

"We are working to make the first tranche of the profits [...] available for Ukraine in the next couple of weeks," Wigand said at a press briefing in Brussels on Wednesday.

In addition, the participants in the G7 summit in Italy in mid-June pledged to provide Ukraine with a loan of 50 billion euros backed by profits being earned on immobilized Russian assets, he said. The European Commission is working on putting this initiative into practice in order to be able together with the G7 to give this loan to Ukraine before the end of 2024, he said.

Approximately 260 billion euros of Russian Central Bank assets such as securities and funds have been immobilized in the jurisdictions of G7 partners, the EU and Australia, including over two thirds of this amount in the EU.