Home News EU diplomacy chief wants 90 percent of proceeds from frozen Russian assets to go to weapons for Ukraine

EU diplomacy chief wants 90 percent of proceeds from frozen Russian assets to go to weapons for Ukraine

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EU diplomacy chief wants 90 percent of proceeds from frozen Russian assets to go to weapons for Ukraine

EU foreign policy chief Josep Borrell will propose that the EU use 90 percent of the proceeds from Russian assets frozen in Europe to buy arms for Ukraine through the European Peace Facility (EPF). Reuters reported about it.

According to Borrell, the remaining ten percent should be transferred to the EU budget and used to strengthen the capacity of the Ukrainian defense industry. As the head of EU diplomacy added, he will present his proposal to the member states on Wednesday, that is, before the EU summit, which takes place on Thursday and Friday.

The member states of the Union agreed on Monday to increase the European Peace Facility (EPF) by five billion euros, which will be allocated specifically for military aid to Ukraine. Individual member states contribute to the European Peace Instrument according to the amount of their GDP.

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However, it was recently established that countries can deduct from their contribution to the fund part of the aid they contribute to Ukraine bilaterally. But he has to prove it to Brussels. This demand was promoted mainly by Germany, which provides a large amount of bilateral aid to Kyiv.

During Monday’s meeting, Union ministers also discussed the possible use of proceeds from frozen Russian assets to help Ukraine. “I’m not saying there was unanimity, but there was a strong consensus about making this decision,” Borrell said.

However, the member states have not yet been able to agree on what the money should be used for. Some of the countries say that for the military support of Ukraine and its defense industry, but others only talk about the future reconstruction of Ukraine. The European Commission should come up with a new proposal on the use of proceeds from frozen Russian assets this week.

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