Ukraine to get €1.4bn from Russian asset profits, EU says

European Commission President Ursula von der Leyen said Wednesday that the EU will make €1.4 billion available to Ukraine from windfall profits on Russian central bank assets frozen in the bloc.

Von der Leyen announced the funding after condemning what she called “horrible atrocities” by Moscow following a deadly attack on the Kyiv region. At least 17 people were killed and dozens wounded in the latest overnight missile and drone barrage.

She said the EU had received the latest tranche of windfall profits from the frozen assets on Monday and would make the money available to Kyiv. “Russia must pay for the destruction it has caused,” she said.

The EU froze around €200 billion of Russia's international reserves after Russia's 2022 invasion of Ukraine, with much of the money held by Belgium-based clearing house Euroclear.

Four previous tranches of windfall profits from the frozen assets have been transferred to Kyiv, with the latest in March. Von der Leyen said Wednesday's announcement brings the total to €8 billion.