European Commission proposes to use frozen Russian assets for Ukraine's military needs
The European Union should consider using the proceeds of frozen Russian assets to purchase military equipment for Ukraine, European Commission President Ursula von der Leyen has said, according to Reuters.
"It is time to start a conversation about using the windfall profits of frozen Russian assets to jointly purchase military equipment for Ukraine," she said in her speech in the European Parliament.
She added that "there could be no stronger symbol and no greater use for that money than to make Ukraine and all of Europe a safer place to live."
According to the President of the European Commission, "the risks of war should not be overblown, but they should be prepared for and that starts with the urgent need to rebuild, replenish, modernise member states' armed forces."
In her speech, von der Leyen presented the new European Industrial Defense Strategy. The European Commission will present it in the coming weeks, and one of its main goals is to prioritize joint procurement.
Background
At the end of January 2024, Ukraine's Ministry of Justice announced that the EU was accumulating frozen Russian assets, and that excess profits from them could be transferred to Kyiv. It concerns Russian assets worth €260 billion, €210 billion of which have already been frozen in Belgium and Luxembourg.
The European Council reiterated its call for "decisive progress" on how the extraordinary wealth of individuals can be used to support Ukraine, in accordance with applicable treaty obligations, as well as EU and international law.
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