Skip to content
Edit post

Borrell wants to use 90% of Russian assets profits to buy arms for Ukraine

by Martin Fornusek March 19, 2024 3:36 PM 2 min read
EU's Foreign Policy Chief Josep Borrell in Kyiv in February 2024.
EU's Foreign Policy Chief Josep Borrell addresses media during a joint press conference with Ukrainian Foreign Minister in Kyiv, on Feb. 7, 2024. (Roman Pilipey/AFP via Getty Images)
This audio is created with AI assistance

Support independent journalism in Ukraine. Join us in this fight.

Become a member Support us just once

Josep Borrell, the EU's top diplomat, said he would propose to use 90% of the revenue generated by frozen Russian assets to purchase weapons for Ukraine via the European Peace Facility (EPF) fund, Radio Free Europe/Radio Liberty (RFE/RL) reported on March 19.

The remaining 10% would be allocated to the EU's budget to boost Ukraine's defense industry's capacities, Borrell told reporters in Brussels. The official said he would submit the proposal to member states on March 20, ahead of a summit starting the next day.

EU leaders recently agreed to launch a 5-billion-euro ($5.4 billion) defense fund for Ukraine within the framework of the EPF, the bloc's chief tool for financing Kyiv's military needs.

The $5.4-billion top-up has been long delayed by debates among the member states on how to best use the funds. Concurrently, European leaders have been leading discussions on what to do with billions in Russian assets frozen in EU accounts.

Ukraine's Western partners and other allies froze around $300 billion in Russian assets at the start of the full-scale invasion in 2022, with roughly two-thirds held at the Belgium-based financial services company Euroclear.

Bloomberg reported earlier on March 19 that Brussels had drafted a proposal that would allocate an estimated 3 billion ($3.3 billion) of profits generated by frozen assets per year for supporting Ukraine's defense industry and purchasing arms for the besieged country.

The proposal, which has to be approved by all member states, is expected to be discussed during the summit on March 21.

Assistance from Europe is ever more crucial now as U.S. aid has been effectively blocked for months due to internal political disputes, putting a heavy strain on Ukraine's defense efforts.

Ukraine war latest: EU gives final approval of $5.5 billion in defense aid to Kyiv
Key developments on March 17-18: * EU gives final approval to $5.5 billion for military aid to Ukraine * Deputy minister: Russia fires 7 times more shells than Ukraine * US Senator Graham in Kyiv: ‘If you want aid to Ukraine, you’d better start talking to American taxpayers’ * Ukrainian governm…

News Feed

Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
5:17 PM

Ukraine increases defense spending by almost $12 billion in 2024.

"Financing the needs of Ukrainian forces is now a top priority. Additional funds for weapons, fortifications, and salaries for servicemen are a critical component of countering the military aggression of the Russian Federation against Ukraine," Deputy Defense Minister Yurii Dzhyhyr said.
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.