European Commission President Ursula von der Leyen believes it is possible to allocate the first billion euros taken from the profits generated by frozen Russian assets to Ukraine as early as 1 July, if the EU acts quickly to implement the necessary procedures.

Von der Leyen assured the audience at a press conference following the first day of the EU leaders' summit in Brussels that there is strong support among EU leaders for using the funds for "military purposes for Ukraine".

"I told the leaders that if we are swift now in concluding the proposal, we could disburse the first billion on 1 July already. So it depends on us, it's in our hands." von der Leyen said.

She also noted that Ukraine can expect to receive about €3 billion in 2024 and similar amounts in the following years.

For his part, European Council President Charles Michel expressed confidence that this mechanism could be put into operation "very quickly" as it has received "a lot of support" among EU countries.

On 21 March, the EU Heads of State and Government Summit agreed that the EU would continue to work on a plan to use the proceeds of the frozen assets of the Russian central bank, including for the purpose of arming Ukraine.

On 20 March, EU Chief Diplomat Josep Borrell put forward a plan to redirect the interest earned on frozen Russian assets to Ukraine. According to the plan, 90% of the funds should go to a fund that would be used to cover the cost of weapons for Ukraine.