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Ukraine to receive first tranche of proceeds from frozen Russian assets next week

Hungary opposed it, but its opinion was legally circumvented.

Ukraine will receive the first tranche of proceeds from Russia's frozen assets next week. The second tranche will be received in a few months, said top EU diplomat Josep Borrell (speech published by the EU diplomatic service).

He said that there is a legal procedure to avoid blocking these proceeds. Earlier, the media reported that Hungary opposed the transfer of these funds to Ukraine for weapons. 

"We have discussed this, but as you know, we still have six legal decisions that cannot be implemented because of the refusal of one member. We have to avoid this with regard to Russian revenues. We have a solution and we put it on the table today," he said. 

Borrell stressed that Ukraine needs more help, and needs it now. 

According to the top diplomat, it was possible to avoid blocking the disbursement because Hungary did not participate in the approval of the fund through which the proceeds of the assets will be received. 

"And we believe that since Hungary did not participate in the (creation of - Ed.) decision, there is no need for it to participate in the implementation of the decision. The decision is clear: the proceeds from the frozen assets - Russian frozen assets - will be used to increase our military support to Ukraine," he explained.

Borrell said that the methodology for using this money should be approved today. It is about 2.5 billion euros in total, and part of this money will be provided in July. 

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