EU: Russian assets frozen for the defense of Ukraine, Moscow accuses of "theft"

2024-08-31 15:37:00, Kosova & Bota CNA

EU: Russian assets frozen for the defense of Ukraine, Moscow accuses of

Russia has accused the European Union of "theft" after the bloc announced the first tranche of aid to Ukraine, from frozen Russian assets. The European Union intends to use these funds to increase Kiev's military capabilities. The Group of Seven major industrialized countries (G7) is planning a similar scheme. Experts fear that some Western countries may cut their aid to Ukraine.

The European Union announced on Friday that it has provided $48 billion in military aid to Ukraine since the start of Russian aggression in 2022.

The bloc will also provide military and civilian aid to Ukraine using confiscated Russian assets worth some $300 billion.

"We will give the first installment to Ukraine from the frozen Russian assets. It is about 1.55 billion dollars. Part of this amount goes directly to Ukraine to boost the Ukrainian defense industry. Until March, we will also give the second installment", said Josep Borrell, the Head of the EU's Foreign Policy.

Moscow said that the transfer of money to Ukraine from frozen Russian assets is "theft" and warned of legal consequences.

The Group of Seven major industrialized countries, or G7, has also agreed to use frozen Russian assets to provide aid to Ukraine, although this scheme has not yet been finalised.

Germany announced this month that it may use the G7 mechanism to replace its military aid to Ukraine as Berlin tries to cut spending. Germany is Ukraine's second largest donor, after the United States.

"The political signal it sends is devastating. The biggest donor in Europe, Germany, suddenly stops supporting Ukraine. The idea of ??using the G7 mechanisms was to communicate to Vladimir Putin that the West will not give up, that he cannot hope that at some point the West will stop supporting. It's a contradictory sign now, all of a sudden Ukrainian funds have been cut from the budget," says Liana Fix with the Council on Foreign Relations.

Chancellor Olaf Scholz insists that Germany will support Ukraine as long as necessary.

Meanwhile, the European Union called on member states and Western allies to lift restrictions on Ukraine using long-range missiles to target targets inside Russia./VOA