Last Friday, the European Union received €1.6 billion in so-called windfall profits generated by the interest on the cash balances originating from immobilised assets of the Russian Central Bank, held by central securities depositories. This marks the third transfer to the EU, following a first tranche delivered in July 2024 and a second tranche delivered in April 2025. It covers revenues accumulated during the first half of 2025.
These windfall profits come from assets frozen under the EU sanctions imposed in response to Russia’s ongoing war of aggression against Ukraine. While the assets themselves remain blocked, the interest on the cash balances can be used to support Ukraine. 90 % of the first two tranches were used to support Ukraine via the European Peace Facility (EPF), and 10 % via the Ukraine Facility. As from this third tranche, 95 % of the proceeds will instead be used to support Ukraine via the Ukraine Loan Cooperation Mechanism (ULCM), and 5 % via the EPF.
The ULCM provides non-repayable support to assist Ukraine in repaying the macro-financial assistance loan from the EU as well as loans from bilateral lenders under the mechanism. Total loan support under the mechanism amounts to €45 billion. In addition to this, the EPF helps Ukraine to address its pressing military and defence needs.
This measure is part of the EU’s continued commitment to stand with Ukraine for as long as it takes.
Source: European Commission
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