EU Ambassadors Agree to Use Profits from Frozen Assets of Aggressor Country Russia for Ukraine

The ambassadors of the European Union have agreed on the possibility of using the excess profits from frozen Russian assets to rebuild and arm Ukraine.

This was reported by the Belgian delegation to the EU Council.

"EU ambassadors have agreed on measures in principle regarding the excess profits from Russia's frozen assets. The money will be used to support the reconstruction and military defence of Ukraine in the face of Russian aggression," the statement said.  

Earlier, German Chancellor Olaf Scholz supported the EU's plan to use frozen Russian assets to support Ukraine. He said that about 90% of the proceeds from frozen Russian assets should be spent on the purchase of weapons for Ukraine. Germany and the three Baltic States are pushing for a rapid expansion of arms production in Europe, Scholz said, adding that production of ammunition and air defence systems has already been increased.

In March, EU High Representative for Foreign Affairs and Security Policy Josep Borrell proposed to seize 90% of the proceeds of Russian assets frozen in Europe and transfer them to an EU fund that finances weapons for Ukraine. The day before, the EU High Representative for Foreign Affairs and Security Policy, Josep Borrell, made a statement regarding Russia's latest massive missile attack on Ukraine's energy infrastructure. According to the diplomat, Ukraine urgently needs to strengthen its air defence system.

Since the beginning of the full-scale invasion of Ukraine, the Bank of Russia's assets worth about €260 billion have been blocked abroad, with more than two-thirds of them frozen in the EU. 

About 70 per cent of all Russian assets frozen in the West are held at Euroclear, the central securities depository in Belgium, which holds the equivalent of 190 billion euros ($204.67 billion) in securities and cash of the Russian central bank.