The first EUR 1.5 billion of proceeds from frozen Russian assets will be transferred to Ukraine as early as July, European Commission President Ursula von der Leyen said at the Ukraine Recovery Conference in Berlin on Tuesday.

"About EUR 1.5 billion of windfall revenue will be available as early as July - 90% of them will go to defense, 10% to restoration," she said.

The President of the European Commission also said that this week at the G7 summit they would discuss how Ukraine could get more benefit from frozen Russian assets even faster.

At the same time, she stated that the EU has made it possible to use windfall proceeds from frozen Russian assets “in accordance with international law.”