The European Commission announced the first payment of excess profits from the use of frozen assets of Russia on the territory of the European Union in July 2024, according to a statement on the website of the European Commission, reports UNN.
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Vera Yourova, vice president for values and transparency, said today's decision marks "a significant step forward in our continued support for Ukraine.
The decisions will come into force after their publication in the Official Journal of the European Commission.
It is reported that resources will be available to support Ukraine, starting from July 2024, with payments every two years.
At the same time, Ukraine's most urgent defense needs can be met through the European Peace Fund (EPF) and, after the decision is made, the European defense industry program (EDIP).
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In 2024, 90% will be allocated to the supply of military equipment as part of assistance measures funded by the EFM, and 10 % - to the EU budget. As part of the EU budget share in 2024, all allocations will be used to finance the Fund for Ukraine.
These solutions allow you to prioritize needs that are likely to change over time. The distribution will be reviewed annually, for the first time - until January 1, 2025.