EU discusses using Russian assets for military aid to Ukraine - Borrell
Archive photo: EU High Representative for Foreign Affairs and Security Policy Josep Borrell (Vitalii Nosach, RBC-Ukraine)
The European Union is discussing the possibility of using frozen Russian assets to boost Ukraine's military capabilities, according to EU High Representative for Foreign Affairs and Security Policy Josep Borrell.
He says they agreed that Russian frozen assets can be used to support Ukraine.
According to Borrell, they can also be used to avoid the destruction of Ukraine. He clarified that this means increasing Ukraine's military capabilities or defense technology base.
He adds they still need an agreement of the member states, a common basis of agreement, and a proposal for a common financial security policy, and they are still working at the initial stage to reach an agreement on this issue.
Russian assets usage
At the end of last year, the Financial Times reported that the United States proposed that the G7 countries confiscate $300 billion of Russian assets. The plan was supposed to be agreed upon by the second anniversary of the full-scale invasion of Ukraine, but it never materialized.
Recently, the topic of confiscation of Russian assets has become increasingly relevant. In particular, U.S. Treasury Secretary Janet Yellen has stated that there are strong international law, economic, and moral arguments in favor of such measures.
At the same time, the head of the European Commission Ursula von der Leyen proposed to confiscate Russia's assets to finance military assistance to Ukraine.
Financial Times also wrote that the European Commission will propose that EU countries use future profits from Russian assets for Ukraine's defense industry.
