The European Commission announced Friday that it will enable the first transfer of frozen Russian assets to Ukraine, and to the European Peace Facility (EPF), totaling €1.5 billion.
In a separate release annexed to the main statement, the European bloc detailed that the money will be split into two funds. "90% of the financial contribution from the extraordinary revenues will go to the European Peace Facility (EPF) and 10% will go to the Ukraine Facility to support respectively Ukraine's military and reconstruction needs," the document showed. Although the EC did mention the amount of immobilized Russian assets "are fully used for the benefit of Ukraine" it ensured that "channeling" guarantees "revenues are spent on the strengthening of military capabilities and reconstruction in line with sound financial management rules."
According to the primary executive arm of the EU, the EPF was created as "an off-budget funding mechanism" with a €17 billion budget for the period 2021-2027.
