Ukraine expects to receive $4B from Russian assets frozen in the G7 countries and the EU.

According to Deputy Minister of Justice Iryna Mudra, Ukraine can receive $15-18B over the course of four years, including about $4B this year. “There is moderate optimism that the EU Council will make a decision by the end of June 2024”.

The transfer of interest already accrued for 2022-2023 (about €1.7B) is also being discussed. Belgium currently uses these funds to pay Ukrainian refugees, provide humanitarian aid, etc. Funds for 2023 have not yet been taxed. Negotiations are underway to impose a 100% tax on these funds and transfer them to Ukraine. The amount is expected to be about €4.4B, which can only be transferred through a decision of the Belgian government.

“Most likely, international partners will not agree to use these funds for the defense sector. They will go to cover the budget deficit, social payments, reconstruction projects, etc.,” Mudra summarized.