The German chancellor backed the EU’s initial proposal to use interest payments on Russian assets to support Ukraine’s defense.
In Europe, an agreement was reached to use about 90% of the proceeds received from Russian assets frozen in the European Union for the purchase of weapons for Ukraine. This statement was made by German Chancellor Olaf Scholz on Monday, May 6, after a meeting with members of the governments of the three Baltic countries in Riga, Reuters wrote.
“It is important that we also agree that this money can be used for arms purchases not only in the EU, but also for purchases around the world,” he said when announcing the decision.
He noted that the money will be used to quickly buy new weapons, and not to build new facilities for their production.
The agency recalled that in March, EU High Representative for Foreign Policy Josep Borrell made a proposal to transfer 90% of the proceeds from Russian assets frozen in Europe to the EU fund financing the purchase of weapons for Ukraine.
About 70% of all Russian assets frozen in the West are stored in the central securities depository Euroclear in Belgium. He holds securities and cash from the Russian Central Bank worth the equivalent of 190 billion euros.
In total, since the beginning of the mass invasion of Ukraine, Bank of Russia assets worth about 260 billion euros have been blocked abroad.
We remind you that on April 20, the US House of Representatives passed a bill providing for the seizure of fixed assets of the Russian Federation to help Ukraine. We are talking about $8 billion.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.