The European Commission announced that it will use €1.4 billion in profits obtained from Russia’s frozen assets to help Ukraine. Based on the commission’s announcement, this amount was transferred to the European Union on August 12.

This money comes from the remaining cash profits. After Moscow’s attack on Ukraine, the European Union froze part of the Russian central bank’s assets.

Ursula von der Leyen, president of the European Commission, said: “Russia must pay the price for the destruction it has caused, and we are using the proceeds from Russia’s blocked assets to ensure that this happens.”

She added that this amount will support Ukraine’s resistance to “Russia’s unlawful war.”