European Commission proposes to use 90% of frozen Russian assets for weapons for Ukraine
Photo: Vice President of the European Commission Valdis Dombrovskis (Getty Images)
The European Commission proposes using 90% of the frozen assets of the Central Bank of Russia for military aid to Ukraine, according to a statement by Vice President of the European Commission Valdis Dombrovskis.
According to him, up to 300 billion euros of assets of the Russian Central Bank are frozen worldwide. Of these, approximately 207 billion euros are located in EU countries.
"Up to €300 billion of Russian Central Bank assets are frozen worldwide, of which around €207 billion are in EU countries. We also know that it has used half of liquid reserves from the National Wealth Fund. However, its remaining buffer amounts are helping the Kremlin to continue its war despite Western sanctions," Dombrovskis noted.
He added that in this regard, the European Commission proposed using extraordinary profits from these frozen assets of the Russian Central Bank to support Ukraine.
"The immediate focus would be on financing military support – 90 percent – and the remainder for Ukraine's recovery and reconstruction. We hope that Member States will adopt this proposal soon – because Ukraine needs this money now," emphasized the Vice President of the Eurocommission.
According to him, discussions are also ongoing among G7 countries regarding the use of frozen Russian assets. A decision has already been made that the assets will remain frozen until Russia pays reparations to Ukraine.
Confiscation of Russian assets
Recently, European Union envoys reached an agreement on using the proceeds from frozen Russian assets to aid Ukraine. It was also reported that diplomats allowed the transfer of income from Russian assets to a separate account.
At the end of 2023, the Western press reported that the United States proposed that the Group of Seven countries confiscate frozen Russian assets totaling $300 billion for the benefit of Ukraine. The initiative was intended to be agreed upon by February 24, 2024.
Additionally, President of the European Commission Ursula von der Leyen proposed using the proceeds from Russian assets for arms for Ukraine.
During the first day of the summit on March 21, EU leaders discussed the allocation of proceeds from frozen Russian assets for purchasing weapons for Ukraine and reached a preliminary agreement.
