Scholz advocates using Russian asset profits to arm Ukraine

Olaf Scholz
Olaf Scholz

The income from Russian assets does not belong to anyone, therefore it can be used for military aid to Ukraine, German Chancellor Olaf Scholz said before the European Union summit in Brussels, Reuters reported on March 21.

"These (proceeds) should first of all be used to buy those weapons and ammunition that Ukraine needs to defend itself," Scholz said.

He was optimistic about the chances of the leaders uniting on the subject.

Belgian Prime Minister Alexander De Croo endorsed a European Union proposal to utilize profits from frozen Russian financial assets to procure arms for Ukraine, as EU leaders prepare to discuss the plan at an upcoming summit, Reuters reported on March 21.

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

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

The Council of the European Union in February reportedly approved a resolution that allows the use of profits from frozen Russian assets for Ukraine.

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

Read also: EU must put its economy on ‘war footing’ — Michel

Josep Borrell said on Jan. 23 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.

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

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