EU to use proceeds from Russian assets to buy weapons for Kyiv — Scholz

German Chancellor Olaf Scholz

© APA | German Chancellor Olaf Scholz

# 16 March 2024 09:12 (UTC +04:00)

EU countries intend to use proceeds from Russian assets frozen in Europe to finance arms purchases for Kyiv, German Chancellor Olaf Scholz said.

"We will use the super profits from Russian assets frozen in Europe to financially support the purchase of weapons for Ukraine," the chancellor said at a joint press conference with French President Emmanuel Macron and Polish Prime Minister Donald Tusk in Berlin.

"And the three of us will meet again next week and discuss these issues with our European partners in the European Council," he said.

On March 11, the Financial Times reported that the EU may transfer to Ukraine in July 2024 two or three billion euros, proceeds from the reinvestment of Russia’s frozen assets, managed by the international depository Euroclear. On February 1, the participants of the EU summit approved the European Commission's proposal to use the proceeds from Russia's frozen assets to partially finance a 50-billion-euro budget aid program for Ukraine until 2027.