The European Union’s High Representative for Foreign Affairs and Security Policy, Josep Borrell, has announced that an agreement has been reached to transfer €1.4 billion to Ukraine next month from the profits of operating Russian assets frozen under war-related sanctions against Russia.

Speaking after a meeting of EU foreign ministers in Luxembourg yesterday, Borrell said the ministers had agreed to transfer €1.4 billion to Ukraine in July from the proceeds of frozen Russian assets.

The money will be used to provide air defence equipment, ammunition and support for Ukraine’s defence industry, he said.