The European Union intends to provide a fourth tranche of assistance to Ukraine, funded by proceeds generated from frozen assets of the Central Bank of Russia, immobilized under EU sanctions.

Axar.az reports, citing the European Commission, Ursula von der Leyen, President of the governing body, said the €1.4 billion package will be directed to the areas where it is needed most.

"These €1.4 billion will be directed where they are needed most: to sustain the Ukrainian State, preserve essential public services and support the brave Ukrainian Armed Forces. Our commitment to Ukraine's victory and freedom is unwavering,” she stressed.

95% of the proceeds will be used to support Ukraine via the Ukraine Loan Cooperation Mechanism (ULCM) and 5% via the European Peace Facility (EPF).

Total loan support under the mechanism amounts to €45 billion.