Chancellor Scholz supports use of 90% of revenues from frozen Russian assets for weapons for Ukraine
Olaf Scholz (Photo: EPA)

German Chancellor Olaf Scholz supports the idea of using about 90% of the revenues received from frozen Russian assets to purchase weapons for Ukraine around the world, Reuters reported.

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"It is important that we also agree that this money can be used for arms purchases not only in the EU, but for purchases worldwide," he said.

In mid-March, the head of European diplomacy, Josep Borrell, made a proposal to use 90% of the revenues from frozen Russian assets to purchase weapons for the Ukrainian Armed Forces through the European Peace Facility.

He proposed to transfer 10% to the EU budget in order to use them to increase the potential of the Ukrainian defense industry.

Scholz added that Germany and the Baltic states are pushing for a rapid expansion of arms production in Europe. The production of ammunition and air defense systems has already been increased.

On January 6, 2024, President Volodymyr Zelenskyy estimated Russia's foreign assets available for confiscation at $300 billion and called for these funds to be used to support Ukraine.

After the mass missile attack on February 7, Zelenskyy said that one of Ukraine's tasks for 2024 is to inflict maximum systemic losses on Russia. In particular, this applies to frozen Russian assets – both of the aggressor state and of persons associated with it.

On February 12, the Council of the European Union took a step towards the use of Russian assets for the benefit of Ukraine by adopting a decision obliging European depositories to keep separate records of frozen securities and income from them. Depositories are also prohibited from disposing of profits received from operations with these assets.