Brussels, Aug. 5, 2026 (SANA)The European Commission announced Wednesday that it will allocate €1.4 billion (approximately $1.6 billion) generated from the proceeds of frozen Russian assets held within the European Union to support Ukraine.In a statement posted on X, the Commission said the funds, transferred to the European Union on Aug. 3, were generated from accumulated interest on cash balances linked to frozen assets belonging to the Russian Central Bank. The assets have remained frozen under EU sanctions imposed following Russia’s war against Ukraine.European Commission President Ursula von der Leyen said in a separate post on X that the funding “will be used to help Ukraine continue its resistance against Russia.”Since the start of the Russia-Ukraine war on Feb. 24, 2022, the European Union and the Group of Seven (G7) have frozen about $300 billion in Russian Central Bank reserves held outside Russia. While Western governments have not confiscated the assets themselves because of legal concerns, they have used the interest and other proceeds generated by those assets to finance assistance for Ukraine.The latest allocation forms part of a broader mechanism established by the European Union and the G7 to channel annual profits from frozen Russian assets into financial and military assistance for Ukraine, supporting its economy, defense requirements and reconstruction efforts.Russia has rejected the policy, arguing that using proceeds from frozen state assets violates international law. Moscow has repeatedly warned that it would pursue legal action if Western governments broaden the use of those funds.F.J./R.K.