German chancellor backs EU plan to use frozen Russian assets to fund Ukraine arms
Chancellor of Germany Olaf Scholz (photo: Getty Images)
German Chancellor Olaf Scholz has backed the EU's previous proposal, stating that around 90% of the revenues from frozen Russian assets should be spent on purchasing weapons for Ukraine, reports Reuters.
"It is important that we also agree that this money can be used for arms purchases not only in the EU, but for purchases worldwide," Scholz told reporters after a meeting with the governments of the three Baltic countries in Riga.
Use of frozen assets of the Russian Federation for the benefit of Ukraine
Western countries have currently frozen around $300 billion of Russian assets. The option of confiscation has been practically rejected due to the possible illegality of such actions. Instead, using profits, i.e., interest, from these assets to support Ukraine is being considered.
The final decision will be made at the G7 summit in Italy in June.
Katarina Mathernova, EU Ambassador to Ukraine, believes that Ukraine is likely to receive profits from Russian assets frozen by Western countries by the end of 2024.
