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Josep Borrell has stated that Ukraine will receive the first tranche of €2.5 billion coming from the proceeds of frozen Russian assets the following week.
EU High Representative for Foreign Affairs and Security Policy said as he arrived at a meeting of EU foreign ministers in Luxembourg.
“We have these revenues coming from the frozen assets, and we have to look for a way in order to use them, avoiding any kind of blockage. We have a process in order to make this work. The first tranche of money will come next week, in July, yes. The next will come somewhere later,” the EU leader announced, emphasizing that the EU will not allow anyone to obstruct that plan.
Borrell stressed that Europe should increase support for Ukraine immediately as Russia is ‘clearly preparing for a long war’, boosting its cooperation with North Korea and China.
He also noted that the Global Peace Summit in Burgestock has opened ‘a diplomatic track’ towards peace in Ukraine.
A week ago, at the G7 summit in Italy, a $50 billion loan from the frozen Russian assets to Ukraine was announced. The funds are envisaged for 2024.
Read also: EU accession talks with Ukraine oficially scheduled for June 25
