The European Union countries have agreed to “continue work” on the mechanism for using the revenues from frozen Russian assets abroad to purchase arms for Ukraine. The decision was made at the Brussels Summit on March 21, President of the European Commission Ursula von der Leyen announced.
“We must continue to support Ukraine’s efforts to fight back on the battlefield. So, I’m glad that leaders endorsed our proposal to use the extraordinary revenues from immobilised Russian assets. This will provide funding for military equipment to Ukraine,” she said.
The proposal involves transferring approximately €3 billion to Ukraine. The first billion is planned to be allocated for arms purchases by July 1. Implementing the initiative in the EU will begin after all EU countries consent.
Earlier, it became known that Hungary plans to block the transfer of revenues from frozen Russian assets abroad to Ukraine. Budapest believes these funds should go “to anything but weapons for Ukrainians,” a DW source said.
Josep Borrell, High Representative of the European Union for Foreign Affairs and Security Policy, proposed allocating 90% of the proceeds from frozen Russian assets to Ukraine. The remaining 10% will go to the EU budget and will be used to increase Ukraine’s defense industry capabilities.
The majority, 70%, of all frozen Russian assets in the West are held in the Belgian central securities depository Euroclear, totaling resources of €190 billion.
Cover: open sources
