European Commission to propose using Russian assets for Ukraine today
European Commission to propose using Russian assets for Ukraine today (Getty Images)
The European Commission is set to announce proposals today to utilize the proceeds from frozen Russian assets to finance arms supplies to Kyiv and stimulate the country's defense industry, according to Bloomberg.
This announcement comes on the day of Prime Minister of Ukraine Denys Shmyhal's visit to Brussels.
Earlier, the EU's chief diplomat, Josep Borrell, said that he would propose that the EU use 90% of the revenue from Russian assets frozen in Europe to purchase weapons for Ukraine through the European Peace Fund.
Borrell emphasized that the proposal involves using the profits from assets located in Europe, rather than the assets themselves, estimating it could bring in around €3 billion annually.
He said he would present this proposal to EU member states ahead of the EU leaders' summit scheduled for March 21-22.
Utilization of Russian assets
At the end of February, European Commission President Ursula von der Leyen said that it's time to start a discussion on using the unforeseen profits from frozen Russian assets for joint procurement of military equipment for Ukraine.
According to the EU proposal, the share of income received since February 15, which is yet to be determined, will be transferred to the EU twice a year until sanctions are lifted. The funds will be directed to the European Peace Fund as well as the EU budget fund for Ukraine.
