The European Union will transfer 1.5 billion euros in proceeds from frozen Russian assets to Ukraine, European Commission President Ursula von der Leyen said on Friday, Paralel.Az reports citing Reuters.

Western countries blocked around $300 billion worth of sovereign Russian assets after Moscow sent troops into Ukraine in February 2022.

"Today we transfer 1.5 billion euros in proceeds from immobilised Russian assets to the defence and reconstruction of Ukraine. There is no better symbol or use for the Kremlin’s money than to make Ukraine and all of Europe a safer place to live," von der Leyen said on social media platform X.

Ukrainian Prime Minister Denys Shmyhal thanked the EU.

"Thank you von der Leyen and the EU for your steadfast support and this significant contribution to Ukraine’s defence and reconstruction. Together, we are turning adversity into strength and building a safer, more resilient Europe," he said.