The European Union is considering a proposal to allocate funds generated from frozen Russian assets towards military support for Ukraine, as detailed by the EU’s foreign policy chief, Josep Borrell. This initiative aims to use 90% of the revenue from these assets, estimated to generate up to 27 billion EUR over four years, to finance an arms fund for Ukraine. The decision comes in the wake of Russia’s invasion of Ukraine and has garnered significant support among EU member states, though concerns about the legality and potential escalation of the conflict have been raised.
- EU foreign policy chief Josep Borrell proposes using revenues from frozen Russian assets to fund military aid for Ukraine.
- Nearly 300 billion EUR in Russian assets, including foreign currency, gold, and bonds, have been frozen by Western countries.
- The assets are primarily held by the Belgium-based institution Euroclear.
- The proposal suggests allocating 90% of the profits from these assets, expected to amount to up to 27 billion EUR over four years, to a Ukrainian arms fund.
- EU member states largely support spending the money on Ukraine, but the specific use—whether for humanitarian, infrastructure, or military purposes—remains undecided.
- Legal concerns about using the proceeds for military support have been raised, but the European Commission has consulted extensively on the issue.
- Some member states, like Hungary and Slovakia, express discomfort with using funds for military purposes, fearing it could escalate the conflict.
- The EU leaders are expected to discuss the proposal further, aiming to reach a consensus on the allocation of funds.
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