Borrell Proposes 90% Allocation of Frozen Russian Assets for Ukrainian Arms

Josep Borrell, the EU's chief diplomat, announced today a groundbreaking proposal to allocate a significant portion of revenues from frozen Russian assets towards purchasing arms for Ukraine.

Speaking to reporters in Brussels, Borrell outlined his plan to allocate 90% of the proceeds from frozen Russian assets for the purchase of arms, with the remaining 10% earmarked for enhancing the EU budget to bolster Ukraine's defense industry. This initiative aims to provide Ukraine with the necessary resources to defend itself against external threats and safeguard its sovereignty.

The timing of Borrell's proposal is strategic, as he plans to present it to member countries ahead of the upcoming meeting of European leaders scheduled for Thursday and Friday.

The significance of Borrell's proposal cannot be understated, particularly given the war between Ukraine and Russia. With Russian assets frozen in the EU expected to generate substantial revenues, estimated between 15bn and 20bn euros by 2027, the proposal represents a pragmatic and strategic utilization of these funds to support Ukraine's defense efforts.