European Union foreign policy chief Josep Borrell said on Tuesday that he would propose to the EU to use 90 percent of the proceeds of Russian assets frozen in Europe to purchase weapons for Ukraine through the European Peace Fund, a specific proposal is due on Wednesday, March 20, UNN reports citing Reuters.
Details
The EU's top diplomat told reporters in Brussels that he would propose transferring the remaining 10 percent to the EU budget and using it to improve the capacity of Ukraine's defense industry.
Borrell emphasized that the proposal is to use the profits from assets located in Europe, not the assets themselves. According to him, this could bring in about 3 billion euros a year.
He said he would present the proposal to EU member states on Wednesday, March 20, before the EU leaders' summit on Thursday and Friday.
"A concrete proposal will be submitted tomorrow," he said. - "It has to be agreed by the member states.
Addendum
A senior EU official said last week that Russian assets frozen in the European Union are likely to generate between 15 and 20 billion euros in after-tax profits by 2027, depending on global interest rates.
About 70% of all Russian assets immobilized in the West are kept in the Belgian central securities depository Euroclear, which has the equivalent of 190 billion euros in various securities and funds of the Russian central bank.