Following an EU Foreign Affairs ministerial meeting in Brussels on Monday, foreign policy chief Josep Borrell announced that the first installment of 1.4 billion euros ($1.5 billion) in military aid to Ukraine, funded by the profits from frozen Russian assets, will be disbursed in early August, Paralel.Az reports.

"On the windfall profits, I updated the ministers on the progress towards the first transfer of 1.4 billion [euros] expected to happen at the beginning of August, next week," Borrell told reporters.

He also stated that these funds will be used by the EU to purchase essential military equipment for Ukraine, such as air defense systems and artillery ammunition, as well as to support procurement for the Ukrainian defense industry.

"So we are not only going to provide military support to Ukraine, but from Ukraine itself," Borrell added.