EU transfers 1.5b euros from frozen Russian assets to Ukraine

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 around $300 billion worth of sovereign Russian 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 from the frozen Russian assets to support a $50 billion loan for Ukraine, aiding its defence against Moscow's invasion. Russia has vowed legal action.