Borrell calls for profits from Russian assets frozen in Europe to be spent on defense needs

BRUSSELS. March 11 (Interfax) - The windfall profits from Russian assets frozen in Europe could be spent on Ukraine's defense needs in the first instance, EU High Representative for Foreign Affairs and Security Policy Josep Borrell said.

"So far, we have considered using these profits to support the reconstruction of Ukraine. However, currently, the main issue in Ukraine is not so much reconstruction, but rather avoiding further destruction," Borrell said in an article on his blog on Monday.

"If member states agree, it has to be a unanimous decision upon a proposal by the High Representative, we could use the windfall profits of Russian frozen assets to purchase arms for Ukraine and/or help strengthen its defense industry," the article says.

In Borrell's opinion, "if member states agree, it would make sense to use these resources to procure additional military support for Ukraine through the European Peace Facility." In the long run, "we could also use these funds to support the Ukrainian defense industrial base," he said.

Borrell views "strengthening the Ukrainian defense industrial base and helping it to cooperate closely with the European industry" as "part of the EU's future security commitments for Ukraine."

"To stimulate this cooperation, we will host an EU-Ukraine Defense Industry Forum this year and open an EU Defense Innovation Office in Kiev," he said.