Josep Borrell said today that he will propose that the EU use 90% of the proceeds from Russian assets, frozen in Europe, to buy weapons for Ukraine through the European Peace Fund.
The EU’s top diplomat told reporters in Brussels that he would propose the remaining 10% be transferred to the EU budget to be used to boost the capabilities of Ukraine’s defense industry.
He said he would present the proposal to EU member states tomorrow, Wednesday, ahead of a summit of EU leaders on Thursday and Friday.
A senior EU official said last week that frozen Russian assets in European Union they are likely to generate between 15 and 20 billion euros in following-tax profits by 2027, depending on global interest rate fluctuations.
Around 70% of all Russian assets, frozen in the West, are held at the central Belgian depository Euroclear, which holds the equivalent of 190 billion euros in Russian central bank securities and cash.
Borrell: 3 billion from profits from Russian assets
According to iefimerida, o Borel he emphasized that the proposal is to use the profits from the Russian assets in Europe and not the assets themselves. He added that this might bring in regarding 3 billion euros a year.
“The specific proposal will be submitted tomorrow,” he said. “The member states will have to agree to this.”
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