The European Union has transferred 1.5 billion euros to Kiev from the revenues obtained from the Russian assets frozen as part of the European bloc’s sanctions imposed on Moscow over the Ukraine war.

“Today we transfer 1.5 billion euros in proceeds from immobilized Russian assets to the defense and reconstruction of Ukraine,” European Commission President Ursula von der Leyen said on social media platform X on Friday.

“There is no better symbol or use for the Kremlin’s money than to make Ukraine and all of Europe a safer place to live,” she added.

Ukraine’s Prime Minister Denys Shmyhal thanked the EU.

“Thank you von der Leyen and the EU for your steadfast support and this significant contribution to Ukraine’s defense and reconstruction. Together, we are turning adversity into strength and building a safer, more resilient Europe,” he said.

The announcement marks the first money transfer from Russia’s immobilized assets after EU member states reached an agreement on the legal texts in May.

Russia’s immobilized assets are estimated to be about €210 billion across the EU.

The next transfer will take place in March next year, according to the Commission.

Last month, the Group of Seven (G7): the United States, Japan, Germany, Britain, France, Canada and Italy, and the EU agreed to use interest earned from the frozen Russian assets to support a $50 billion loan for Ukraine. Moscow has vowed legal action.

Russia launched the military operation in Ukraine on February 24, 2022. Western countries have responded to the Russian military operation by backing Ukraine with cash and heavy weaponry while imposing unprecedented sanctions on Russian officials and entities.

Moscow has repeatedly warned that such a flow of weapons to Kiev will only prolong the conflict.

Since the start of the war in Ukraine, the US, alone, has pledged more than $44 billion in security aid to Ukraine.

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