Politico reports:

The European Commission transferred €1.5 billion of profits from investing frozen Russian assets to buy weapons for Ukraine.

After months of grueling negotiations in Brussels, the EU executive finally sent the first batch of funding to the war-torn country.

Ninety percent of the cash will be used for military purposes, while the remaining amount will go towards humanitarian aid.

EU capitals agreed to use the proceeds generated by investing €192 billion immobilized Russian assets held by the Brussels-based securities depository Euroclear.

Russia’s assets generated €1.55 billion between Feb. 15 and June 30, according to Euroclear’s figures. The financial institution kept around 10 percent as a buffer against legal and financial risks. [Continue reading…]