Josep Borrell: Next week, Ukraine will receive €2.5 billion from frozen Russian assets

The High Representative of the European Union for Foreign Affairs and Security Policy, Josep Borrell, is confident that Ukraine will receive EUR 2.5 billion from unforeseen revenues from frozen Russian assets next week.

"We have revenues from frozen assets, and we must find a way to use them, avoiding any blockages (from EU member states). We have a process that allows us to do this quickly. The first tranche of money will arrive next week, in July. The second will come in a month. These funds need to be utilized, and we have a legal procedure to avoid any blockages," Borrell said on Monday in Luxembourg before the start of the EU Foreign Affairs Council meeting, discussing the upcoming deliberations.

When asked by journalists about the amount Ukraine will receive next week, the High Representative stated it would be EUR 2.5 billion.

At the same time, he emphasized the need to avoid potential blockages of this decision by some EU member states. "We must ensure this does not happen with the Russian revenues. And we have a solution that we are presenting for discussion today. Ukraine needs more help, and it needs more help now. And I hope that ministers will support the proposal we have," Borrell said.

He also noted that the recent Peace Summit in Switzerland "opened a diplomatic path," but

"Putin's response, traveling to North Korea and seeking arms wherever he can, clearly indicates preparation for a long war." "From our side, the diplomatic path must continue, but we must increase our support for Ukraine," the EU High Representative stressed.