EU permanent representatives agree on project for using proceeds from Russian assets

BRUSSELS. May 8 (Interfax) - The Committee of Permanent Representatives of the European Union countries (Coreper) agreed on preliminary measures for Ukraine to use proceeds from frozen Russian assets on Wednesday, the Belgian Presidency of the Council of the EU said.

"EU ambassadors agreed in principle on measures concerning extraordinary revenues stemming from Russia's immobilized assets. The money will serve to support Ukraine's recovery and military defense [...]," the Belgian Presidency said in a statement on the X social network.

The draft decision will be submitted to the Council of the EU for approval in the future.

High Representative of the EU for Foreign Affairs and Security Policy Josep Borrell said on May 6 that the proceeds from the frozen Russian assets should be channeled to Ukraine, in particular, for the Ukrainian defense industry.

"And once the member states have agreed on using these revenues stemming from Russian immobilized assets, these resources will be channeled towards Ukraine to address its pressing military needs and directly to the Ukrainian defense industry," Borrell said at the EU-Ukraine Defense Industries Forum in Brussels.

Borrell noted that he strongly stands in favor of these funds being used in this way.

In March, Borrell and the European Commission put forward a proposal to make use of 90% of the proceeds from the frozen Russian assets in Europe to provide weapons to Ukraine.