FE team
| Published: July 27, 2024 12:20:44 AM

BRUSSELS, July 26 (Reuters): The European Union will transfer 1.5 billion euros in proceeds from frozen Russian assets to Ukraine, European Commission President Ursula von der Leyen said on Friday.
Western countries blocked about $300 billion in Russian sovereign assets after Moscow sent troops into Ukraine in February 2022.
Last month, the Group of Seven major democracies and the EU agreed to use interest earned on frozen Russian assets to support a $50 billion loan for Ukraine to bolster its defenses against Moscow’s invasion. Russia has vowed legal action.