The head of European diplomacy will propose using 90% of the proceeds from frozen Russian assets to purchase weapons for Ukraine through the European Peace Fund. Josep Borrell proposes to transfer the remaining 10% to the EU budget and use it to develop the capabilities of the Ukrainian defense industry.
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Borrell’s proposal to EU member states will be made on March 20.
Bloomberg wrote the day before that the EU has prepared legislation that will allow the transfer of income from frozen sovereign Russian assets to Ukraine as early as July. This would allow about €3 billion a year to be used to finance weapons.
Borrell stressed that the proposal is to use the profits from assets stored in Europe, rather than the assets themselves. This could bring in about 3 billion euros a year, he said.
The European Commission is preparing a plan for the partial use of Russian money or profits from its investment, which may appear at the EU summit on March 21-22.
The EU Council of Foreign Ministers agreed on the allocation of 5 billion euros in military support to Ukraine.
The EU adheres to its commitments. The Ukraine Assistance Fund turns our words into actions. With the help of the fund, we will continue to support Ukraine to protect itself from Russian aggression by any means and for as long as necessary,” said the head of European diplomacy.
Source: Racurs
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