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Scholz supports funding arms for Ukraine from frozen Russian assets

7 May, 2024 Tuesday
11:00

German Chancellor Olaf Scholz has supported the idea of spending about 90% of the proceeds from frozen Russian assets on Ukraine's defense needs

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Scholz said this after a meeting with members of the governments of the three Baltic states in Riga, Reuters reports.

"It is important that we also agree that this money can be used for arms purchases not only in the EU, but for purchases worldwide," Scholz said.

The German Chancellor also noted that his country and the Baltic states insist on a rapid increase in arms production in Europe and added that the production of ammunition and air defense systems has already been increased.

Earlier, in March, EU High Representative for Foreign Policy Josep Borrell proposed to transfer 90% of the proceeds from Russian assets frozen in Europe to the EU fund that finances the purchase of weapons for Ukraine.

The newspaper notes that about 70% of all Russian assets immobilised in the West are held in the central securities depository Euroclear in Belgium, which has the equivalent of 190 billion euros worth of Russian central bank securities and cash.

Earlier, Scholz promised to support Ukraine "as long as it takes" and called on partners to provide the Ukrainian Armed Forces with more air defense systems.

  • In April, Prime Minister Denys Shmyhal said that Ukraine could receive €5-8 billion in profit from frozen Russian assets in 2024.
  • Vice President of the European Commission Valdis Dombrovskis said that the G7 is considering using $300 billion of frozen Russian assets as collateral for loans to Ukraine.
  • The U.S. House of Representatives passes a bill on the use of frozen Russian assets for Ukraine.
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