The EU foreign ministers have decided to transfer proceeds from Russian frozen assets to the European Peace Fund. They will be used to buy weapons for Kyiv, the head of the European diplomacy, Josep Borrell, has said.
He said the EU will allocate 1.4 billion euros to Ukraine next month and another 1 billion euros by the end of the year - for ammunition, air defense and support for weapons production.
"Ministers today agreed on a legislative framework for the use of the windfall proceeds from immobilized Russian assets to be sent to the European Peace Fund... But as I said this morning, the windfall proceeds from Russian assets frozen in Europe, not the assets directly, will be used as soon as possible for the benefit of Ukraine: 1.4 billion euros will be available next month and another billion by the end of the year," he said.
The money will be channeled to Ukraine through the Ukraine Aid Fund (UAF). At the same time, Hungary had earlier blocked the tranche, but lawyers of the Council of Europe said that the country could not stop the payments as they had participated in the vote on the creation of the fund itself.
Hungarian Foreign Minister Peter Szijjarto, according to Reuters, said little at the meeting, but spoke loudly on Facebook, accusing other governments of war hysteria and seemingly ignoring the will of their people.
Szijjártó said Hungary intends to explore legal avenues to appeal the EU decision.
Hungary continues to block the payment of 6.6 billion euros under the UAF as partial compensation for weapons purchased for Ukraine.
The money from the interest on frozen Russian assets will be used not to reimburse expenses already incurred, as is usually the case with the UAF, but for direct purchases of weapons, with a quarter of this amount being spent on purchases from Ukrainian companies.
