Ukraine may receive a large-scale aid package from the G7 countries and additional support from NATO countries in the near future.
A senior EU official said that they had prepared an aid package for Ukraine, which will be announced on June 13. As the source pointed out, Ukraine will be allocated a 50bn-dollar loan, which will cover the account proceeds from the frozen assets of Russia. Kyiv will be able to use these funds to rebuild the country.
According to the Commission, about 210 billion euros from the Russian central bank have been frozen in the EU. Brussels-based financial institution Euroclear recently announced that it collected about €4.4 billion in interest in 2023. This is by far the most important institution in the EU to hold assets belonging to the Russian central bank.
There are currently no plans to use the Russian central bank’s funds directly through the expropriation decree. One reason for this is legal considerations and the likelihood of retaliation. For example, it is conceivable that EU companies operating in Russia could be subject to expropriation.
Prime Minister Giorgia Meloni is expecting her counterparts from Germany, France, the UK, Japan, Canada and the US to attend the three-day G7 summit at a luxury hotel in Borgo Egnazia in Puglia in southern Italy this Thursday. EU Council President Charles Michel and Commission President Ursula von der Leyen will also be there.
NATO support
Meanwhile, Norway has announced that it has allocated 240 million euros to Ukraine for air defence.
The Norwegian Foreign Ministry said in its official account on X:
Norway will contribute € 240 M to air defence measures for Ukraine. Today, Germany confirmed that it, together with Norway, Denmark and the Netherlands, will finance re-procurement of a Patriot system so that 100 Patriot missiles can be quickly donated to Ukraine. Norway will contribute € 125 M to this co-operation.
Earlier the Netherlands reportedly allocated 60m euros for the purchase of drones for Ukraine. The country will receive, among other things, surface drones and drones with a first-person view function. On Tuesday, Prime Minister Mark Rutte said that the Netherlands would additionally allocate a new package of 138 million euros to Ukraine, including for energy infrastructure repairs and humanitarian aid.
