Luxembourg 24.06.2024 The ongoing Foreign Affairs Council is going to reflect upon a waste agenda of the international issues.

“On the table – first, as always – [is] Ukraine. After the Summit [for Peace in Ukraine] in Switzerland, where a diplomatic track has been opened. And the answer from Putin travelling to North Korea, travelling everywhere where he can get arms, he is clearly preparing for a long war. From our side, the diplomatic track has to continue working, but we have to increase our support to Ukraine” said the EU top diplomat Josep Borrell, while entering the monthly meeting of the Ministers.

The revenues from the frozen Russian assets remain in scoop of attention. In spite of the political will to use them to arm Ukraine, there can be practical obstacles arising from banking practices, and regulations. “The first tranche of money will come next week, in July. The second will come some months later. This money cannot be stopped. It has to be used, and we have a legal procedure in order to avoid any kind of blockage” Borrell continued. He pointed to six legal decisions which cannot be implemented “due to one Member [State] refusing it”.
Borrell expressed hope that the EU top diplomats would support the proposal that his team have tabled in order to facilitate the Russian revenues.

Earlier in June the leaders of the Group of Seven prominent democracies have agreed to channel a $50 billion loan to assist Ukraine in its war against Russian invasion. Subsequently the interest generated on profits from Russia’s frozen central bank assets would be used as collateral.

Details of the deal were put forward by G7 leaders at their Summit in Italy. The funds could reach Kyiv before the end of the year, according to U.S. and French officials.

President Joe Biden told reporters at a news conference that the move was part of a “historic agreement.” Ukraine’s president, Volodymyr Zelenskyy, said providing a loan through Russia’s assets “is a vital step forward in providing sustainable support for Ukraine in winning this war.”