Ukraine may receive the first proceeds from frozen Russian assets by the summer.
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European Commission Speaker Christian Wiegand announced this on May 7.
This is exactly how he responded to a request from an Ukrinform correspondent to comment on the words of German Chancellor Olaf Scholz about the readiness of EU member states to agree on the use of emergency proceeds from frozen Russian assets for military support of Ukraine.
Earlier, German Chancellor Olaf Scholz supported the idea of using up to 90% of the proceeds that accumulate on frozen Russian assets to purchase weapons for Ukraine.
It is important that we also agreed that this money can be used to purchase weapons not only in the EU, but throughout the world,” Scholz said after a meeting with members of the Baltic governments.
The only way for Ukraine to win quickly is if Ukraine gets access to 330 billion so that they can buy weapons for themselves. They can make their own decisions about their defense, and this will ensure a quick victory for Ukraine, says expert Timothy Ash.
In March 2024, EU foreign policy chief Josep Borrell proposed channeling 90% of the proceeds from Russian assets frozen in Europe into an EU-managed fund funding military aid to Ukraine.
According to Reuters, about 70% of all Russian assets concentrated in the West are stored in the central securities depository Euroclear in Belgium, we are talking about securities and funds of the Russian Central Bank in an amount equivalent to 190 billion euros ($204.67 billion).
A final decision on how to use profits from these assets is due to be made at the G7 summit in Italy in June.
Source: Racurs
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.