EU discloses amount of frozen Russian assets slated for allocation to Ukraine

High Representative of the European Union for Foreign Affairs and Security Policy Josep Borrell
High Representative of the European Union for Foreign Affairs and Security Policy Josep Borrell

Amount that could be received from proceeds of frozen Russian assets could total to about €3 billion ($3.25 billion) a year, which would be used for military and civilian support for Ukraine, Josep Borrell said, Interfax-Ukraine reported on March 20.

"Revenue that will be generated from these frozen assets will be about €3 billion ($3.25 billion) a year, which will be added to the European Peace Fund and to the European Union's budget for military and civilian purposes (of Ukraine)," Borrell said in Brussels at a press conference after the EU-Ukraine Association Council.

"I hope that we can reach an agreement soon and exchange banknotes for weapons, because soldiers do not fight with banknotes, they need physical weapons, tools to protect the people." 

The High Representative insists that this step - the use of frozen Russian assets in the interests of Ukraine - should be taken as soon as possible. He confirmed that, following discussions in the Foreign Affairs Council, he had sent proposals to the Council for future decision to put the proceeds of the assets at the disposal of the European Union.

Read also: EU unlikely to transfer Russian assets to Ukraine as there is ‘no consensus’ in the bloc

"Today, the Commission, together with the High Representative, also endorsed joint proposals for a legal act to implement this decision," he added.

"If, as I hope, the Council approves this proposal, up to 90% of these revenues will go to the European Peace Fund to increase military assistance to Ukraine... The remaining 10% will be directed to the European budget to help in the reconstruction of Ukraine and support the Ukrainian defense industry."

Earlier it was reported that on Feb. 12, Council of the European Union approved a resolution that allows to use profits from frozen Russian assets for Ukraine.

On Jan. 29, EU ambassadors agreed on a proposal to use profits from Russian assets frozen in the EU to support Ukraine's recovery.

Read also: Russian assets that can be used for Ukraine's needs. Where are they, and how much are there?

On Jan. 23, Josep Borrell, said that a decision on the use of frozen Russian assets would be made before the next meeting of the EU Foreign Affairs Council, by March 18.

President of Ukraine Volodymyr Zelenskyy said that the outlines of the decisions necessary for the transfer of frozen Russian assets to Ukraine are already being prepared.

He called for the transfer of frozen Russian assets abroad, which amount to about $300 billion, to Ukraine.

Read also: Transfer of Russian frozen assets to Ukraine will greatly weaken Putin - Zelenskyy

On March 13, Polish Prime Minister Donald Tusk said that there are frozen assets that can ensure Ukraine's victory over the aggressor, but they are in no hurry to transfer them to the Ukrainian side.

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Read the original article on The New Voice of Ukraine