German Chancellor Olaf Scholz said that about 90% of the proceeds from frozen Russian assets should be spent on Ukraine's defence, DW reports.
"There is a consensus in Europe that we want to use the proceeds of the frozen Russian assets [...] This is a significant amount, several billion a year. We have also reached an agreement, which is now being finalised, to use about 90% of these funds for Ukrainian defence," Scholz told reporters on Monday (6 May) after a meeting with the three Baltic governments in Riga.
According to him, it is also important to agree that this money can be used to purchase weapons not only in the EU but also around the world.