The head of European diplomacy wants to use 90% of the income from frozen Russian assets for arms to Ukraine

The High Representative of the European Union for Foreign Affairs and Security Policy Josep Borrell will propose using 90% of the revenues from frozen Russian assets in Europe to purchase weapons for Ukraine through the European Peace Fund.

Reuters writes about it.

Josep Borrell proposes to transfer the remaining 10% to the EU budget and use them to increase the capacity of the Ukrainian defense industry. He will submit a proposal to EU member states on March 20.

EU High Representative Borrell stressed that the proposal is to use the profits from the assets that are blocked in Europe, not the assets themselves. According to him, this could bring in about €3 billion every year.

Bloomberg has learned that the EU has prepared legislation that will allow the proceeds from Russian assets to buy weapons for Ukraine.

• The Biden administration is pushing for G7 allies to unlock frozen assets and wants to see progress before the leadersʼ summit in June, Bloomberg reports. But Malta, Luxembourg and Hungary spoke against the plan of the President of the European Commission, Ursula von der Leyen, to use the income received from the frozen Russian assets for the purchase of weapons for Ukraine.