The EU plans to use the proceeds from frozen Russian assets to buy weapon s for Ukraine: Borrell gives details

90% of the proceeds from Russia's assets frozen in Europe can be transferred to the European Peace Fund to finance military assistance to Ukraine. The remaining 10% can be directed to the EU's central budget to develop our country's defense industry.

The idea was voiced on March 19 by the EU High Representative for Foreign Affairs and Security Policy Josep Borrell, Reuters reports. The politician told journalists in Brussels (Belgium) that he would submit an official proposal to the governments of the 27 member states on March 20, before the next EU summit (March 21-22).

The European Peace Facility is an extra-budgetary fund managed by the European Union that provides military assistance to countries outside the EU and is used mainly for Ukraine.

According to Borrell, most of the money from the European Peace Fund from the confiscated revenues of the Russian Federation can be used for Kyiv.

"If we do this, the Russians will not be very happy... The amount - three billion euros a year - is not even extraordinary. But it is not insignificant," the EU High Representative said.

He emphasized that he was not proposing to use the Russian assets frozen by Europe, but the profits from them.

European officials initially discussed using these funds to finance Ukraine's recovery.

But Borrell emphasized that it would be wiser to use the money to prevent the destruction of Ukraine rather than wait until Russia destroys the country.

As OBOZ.UA wrote:

– Earlier, German Chancellor Olaf Scholz announced that the proceeds from the frozen assets of the Russian Federation would be used to purchase weapons for the Ukrainian Defense Forces.

– According to Bloomberg, the European Union has drafted a bill to direct the proceeds of the Russian central bank to Ukraine. According to the proposal, funds for arms supplies and the development of the defense industry could start flowing in July.

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