EU hopes to transfer 1 bln euro of incomes from frozen Russian assets to Kiev by July 1

By July 1, the European Union will be able to donate to the Kiev government one billion euro generated by incomes from frozen Russian assets if it manages to promptly agree on the procedure of their seizure, European Commission President Ursula von der Leyen said.
"If we are swift enough in concluding the proposal, we could disperse the first billion on the 1st of July," she told reporters after the first day of the European Council meeting in Brussels.

In her words, EU leaders have expressed their support for the European Commission’s proposals during the summit.

In 2024, the European Commission plans to generate about 3 billion euro in 2024 if the expropriation mechanism is approved, von der Leyen added.

The European Council said in a joint statement that the heads of EU states and governments failed to make any practical decision regarding the expropriation of frozen Russian sovereign assets.