European Union foreign policy chief Josep Borrell mentioned on Tuesday that he plans to suggest using 90 percent of the funds from Russian assets frozen in Europe to purchase weapons for Ukraine through the European Peace Facility fund.
The top diplomat of the EU informed reporters in Brussels that he would suggest transferring the remaining 10 percent to the EU budget for improving the capacity of the Ukrainian defense industry.
He stated that he would present the proposal to EU member states on Wednesday, ahead of a summit of EU leaders on Thursday and Friday.
An EU official stated last week that Russian assets frozen in the European Union could bring in between 15 billion and 20 billion euros in profits until 2027, based on global interest rates.
About 70 percent of all Russian assets immobilized in the West are kept in the Belgian central securities depository Euroclear, which has around 190 billion euros worth of various Russian central bank securities and cash.
Borrell emphasized that the proposal was to use the profits from the assets held in Europe rather than the assets themselves. He said this could generate around three billion euros annually.
“The specific proposal will be presented tomorrow,” he said. “This is for member states to agree.”
