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The EU leader is determined to use almost all the profits from Russian frozen assets to provide Ukraine with essential military equipment.
This was reported by Reuters.
The EU High Representative for Foreign Affairs and Security Policy will present his offer tomorrow, on March 20, before the summit of EU leaders on March 21-22, and expects it to be approved by the EU.
Josep Borrell’s statement comes after the European Union announced it had developed legislation that would make it possible for Ukraine to receive profits from frozen Russian in July.
According to Borrell’s plan, the arms for Ukrainian Armed Forces will be procured through the European Peace Facility fund.
The other 10% will be transferred to the EU budget and still spent on the Ukrainian defense industry.
Borrel expects that in a year, Russian frozen assets will provide profits worth €3 billion
Previously, some countries opposed an idea of seizing the actual frozen assets, Germany and France which seem to show rivalry in supporting Ukraine, are among them, that’s why the EU focuses on the policy of using profits from the assets.
According to Bloomberg, Biden’s administration, on the other hand, backs complete seizure of the assets by European states.
Read also: More ammunition, investment and development: Europe actively strengthens its defense capabilities
