EU ministers approve €1.4B Ukraine military aid using Russia assets

EU foreign ministers approved €1.4 billion ($1.5 billion) in military aid for Ukraine, with the package to be financed for the first time by proceeds from frozen Russian Central Bank assets, diplomats told dpa on June 24, Report informs.

Top EU diplomat Josep Borrell said ahead of the ministers' meeting in Luxembourg that the funds needed to reach Ukraine quickly and "avoid any blockage."

The approval comes as a welcome boost for Kyiv amid Hungary's ongoing opposition to other packages from an off-budget fund called the European Peace Facility (EPF) worth more than €6 billion.

Each EU member state has a veto on EPF payments and Hungary has been blocking some disbursements related to Ukraine for nearly a year. A €5-billion support fund is also blocked.

EU diplomats were not expecting a breakthrough on the EPF deadlock with Hungary. As a result, Ukraine's military aid from the proceeds is a useful alternative means of support.