EU to transfer $92 million in profits from frozen Russian assets to Ukraine
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The European Union will provide an additional 80 million euros ($92 million) in profits from frozen Russian assets to Ukraine, the EU’s top diplomat Kaja Kallas announced on March 31.
Kallas delivered the remarks to reporters in Kyiv alongside Foreign Minister Andrii Sybiha, while on a visit that coincides with the anniversary of the Bucha massacre.
"The way to end this war is to confront Moscow, not reward it. Not to loosen sanctions, but to harden them," Kallas told reporters in announcing the funding, adding that the bloc will "tighten the net even further" with its 20th sanctions package against Russia.
European countries have frozen approximately 210 billion euros in Russian assets — the profits of which will be used to provide aid directly to Ukraine.
Most recently, Brussels delivered about 5.9 billion euros from existing European initiatives in November, which included 4.1 billion euros in frozen Russian assets as part of the bloc's Extraordinary Revenue Acceleration loan mechanism.
The latest funding comes amid Kyiv's deepening concern over the stalled progress of receiving a 90-billion-euro ($104 billion) loan from the European Union, amid Hungary's efforts to block the financial lifeline to Ukraine.
Hungarian Prime Minister Viktor Orban continues to oppose the loan despite all 27 EU countries unanimously agreeing in December to provide the loan to cover two-thirds of Ukraine's needs over 2026–2027.
Kyiv, which relies on foreign assistance to keep the state afloat and fund its war effort, remains risk of running out of cash by the end of spring unless a resolution or other funding can be found.
Speaking in Kyiv on March 31, the EU's top diplomat Kaja Kallas said that there was "no good news" on the 90 billion loan front.
