EU Transfers €1.4 Billion in Frozen Russian Asset Revenues to Ukraine

The European Union has collected €1.4 billion in revenue from immobilized Russian central bank assets and will channel the proceeds to Ukraine, the European Commission announced Wednesday.

In a press release, the Commission said the payment, received Monday, was the “fifth transfer of its kind.” Since the assets have been immobilized, they have generated a total of €8 billion in windfall profits.

Brussels said 95 percent of the latest tranche would go through the Ukraine Loan Cooperation Mechanism, helping Kyiv repay EU and G7 loans, while the remaining 5 percent would flow through the European Peace Facility to meet Ukraine’s “pressing military and defence needs.”

“Once again we wake up to the news of horrible atrocities by Russia through its aerial attacks on Ukraine,” Commission President Ursula von der Leyen wrote on X. “Russia must pay for the destruction it has caused. And we are using the proceeds from the immobilised Russian assets to make sure it does.” Von der Leyen said the EU was making “a further €1.4 billion” available to support Ukraine’s “continued resistance against Russia’s illegal war.”

Her comments came after one of the deadliest Russian attacks on Kyiv this year. Ballistic missiles and drones killed at least 17 people and wounded 44 overnight, striking residential buildings, warehouses and a railway station. Ukrainian President Volodymyr Zelenskyy stated Wednesday that additional missile interceptors “could have saved lives” and blamed delays in Western air-defense deliveries for the mounting casualties.

Over €210 billion in Russian central bank reserves were frozen by the EU after Moscow’s full-scale invasion in 2022. Since 2024, financial institutions holding those assets have been required to ring-fence the extraordinary profits they generate, allowing Brussels to redirect the proceeds to Ukraine while leaving the underlying reserves untouched.