Borrell sends proposal to EU countries on using revenue from Russian assets to support Ukraine

BRUSSELS. March 20 (Interfax) - High Representative of the EU for Foreign Affairs and Security Policy and European Commission Vice President Josep Borrell said on Wednesday that he had forwarded a proposal to the Council of the EU on using revenue from Russian assets immobilized in European countries to support Ukraine.

"Today I presented a High Representative proposal for a Council decision to use the windfall revenues from Russian immobilized assets to support Ukraine," Borrell wrote on X.

Borrell said his proposal implied forwarding 90% of these funds through the European Peace Facility and 10% through the EU budget. "I look forward to a rapid adoption by the Council," he said.

Western media reported on Tuesday that Borrell proposed using 90% of the revenue from Russian assets frozen in Europe to procure weapons for Ukraine, while the other 10% should be transferred to the EU budget and used to enhance the Ukrainian defense industry's capacity.

The EU countries are expected to decide whether to approve the measure at a summit in Brussels on March 21-22.

Earlier this week, Borrell said the EU foreign ministers signaled their broad support for the idea of using revenue from Russian assets for Ukraine's benefit.

Bloomberg reported on Monday evening, citing EU documents, that the EU has drawn up a bill that, if approved, will allow using revenue from immobilized Russian assets in Ukraine's interests. The agency said this system may start working in July 2024 at the earliest.

As expected, this decision would make around three billion euros a year available for financing weapons supplies to Kiev and the development of the Ukrainian defense sector. The measure requires the approval of all EU member states.