90% of revenues from frozen Russian assets to go to weapons for Ukraine, but problem exists –Borrell
Josep Borrell (Photo: ERA)

Most of the income from the frozen Russian assets will be directed to the European Peace Facility for the purchase and supply of necessary military equipment to Ukraine, announced the high representative of the European Union for foreign affairs and security policy, Josep Borrell in Brussels.

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"90% of the proceeds from the frozen Russian assets will be directed to the European Peace Facility. Then they will be directed to the direct supply of necessary weapons and military equipment to Ukraine," he said.

According to Borrell, there are seven legal acts that must be adopted to attract €6.6 billion to the fund. At the same time, it is not possible to do this because European countries cannot reach a consensus.

"We need unanimity, which we haven't had for months. I spoke about it yesterday at the Foreign Affairs Council and we did it again today. There are €6.6 billion waiting to be used, and all the tools needed to do so, are still waiting for approval," the head of European diplomacy said.

According to Borrell, the situation is "rather a theoretical discussion", since the Ukrainian aid fund of €5 billion, which is being created within the framework of the European Peace Facility, was agreed among EU leaders at the highest level of the European Council, and the delays have real consequences.

"These consequences are measured in human lives, damaged civilian infrastructure and traps on the battlefield in Ukraine," he explained.

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.

On January 23, it was reported the EU plans to apply a tax on excess profits from the frozen assets of the Central Bank of Russia, but without confiscation of funds. A group of countries, including Germany, made it clear that they are against the seizure of Russian assets for legal reasons. However, on January 29, EU ambassadors reached an "in principle" agreement regarding the use of profits from frozen Russian assets to help Ukraine.

Last week, German Chancellor Olaf Scholz assured that the Western allies will direct funds from the frozen assets of the aggressor state to military aid to Ukraine. Austria opposed the transfer of revenues from frozen Russian assets for the purchase of weapons for the Ukrainian army.