Pakistan, Aug. 5 -- The European Union will transfer €1.4 billion in profits from frozen Russian central bank assets to Ukraine. The funds will support Kyiv's financial and defence needs amid the ongoing war.

The European Commission announced the payment on Wednesday, describing it as the fifth transfer of its kind. The latest amount was received on Monday from revenues generated by immobilized Russian assets.

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The Commission said 95 percent of the funds will support Ukraine through the Ukraine Loan Cooperation Mechanism. Meanwhile, the remaining five percent will go through the European Peace Facility for defence requirements.

EU officials said frozen Russian assets have generated abou...