European Union diplomat Josep Borrell will propose that the bloc use 90% of the proceeds from frozen Russian assets to buy weapons for Ukraine, Reuters reports.
"Borrell said he would propose that the EU use 90% of the proceeds from Russian assets frozen in Europe to buy weapons for Ukraine through the European Peace Facility fund," the publication said.
The EU's top diplomat told reporters in Brussels he would propose that the remaining 10 percent be transferred to the EU budget to be used to boost the capacity of the Ukrainian defence industry.
He said he would submit the proposal to EU member states on Wednesday, ahead of a summit of EU leaders on Thursday and Friday.
- The European Peace Facility operates as a giant money-back scheme, providing EU members with reimbursements for sending munitions to other countries.
- Western countries have frozen about $300 billion belonging to the Russian central bank, mostly in foreign currency, gold and government bonds.
- Earlier, Bloomberg wrote that the European Union has already drafted laws that provide for the use of proceeds from frozen Russian assets to finance Ukraine. They suggest that the application of a windfall profits tax could bring in about €3 billion annually.
- The Guardian wrote that the European Commission is preparing to put forward a proposal to confiscate for Ukraine between 15 and 27 billion euros of revenues from Russian sovereign assets frozen in Europe.
- Polish Foreign Minister Radoslaw Sikorski believes that the frozen Russian assets should be spent not only on rebuilding Ukraine, but also on buying weapons to defend our country.