"These resources are needed": Borrell expects quick conclusion of EU Council discussion on proceeds from Russian assets to help Ukraine
Kyiv • UNN
EU Diplomacy Chief Josep Borrell expects the EU Council to finalize the discussion on the use of funds from seized Russian assets for military support to Ukraine through the European Peace Fund, as the bloc believes it is legally justified.
EU Diplomacy Chief Josep Borrell said he expects the EU Council to soon conclude discussions on the use of profits from seized Russian assets to help Ukraine, indicating that the bloc may consider other actions, but so far they believe that this is something that is legally supported. He said this during a speech in the European Parliament on Wednesday, UNN reports.
Details
Borrell pointed out that a month ago, as EU High Representative, he proposed to the EU Council that these revenues be used to support Ukraine militarily through the European Peace Facility (EPF). And that this happened "after long discussions and careful study of the rule of law, which can be used to assess what we can and should not do," which, according to him, the bloc "concluded that these excess profits (from seized Russian assets - ed.) can be used to support the urgent needs of Ukrainians to protect themselves.
"I want to emphasize once again that this initiative is only about using the income generated by these immobilized assets. Not the assets themselves, not the capital, but the income generated by this capital," Borrell said.
"We can think about other actions, but for now we believe that this is something that is legally supported. Therefore, we can take these revenues... and distribute them: 90% to the European Peace Facility and 10% to the Union budget," the EU's chief diplomat emphasized.
And, according to him, this initiative was carried out in full coordination with other G7 countries and in cooperation with our international partners.
This proposal was presented to the EU Council... The EU Council is discussing it. I hope that the discussion will end soon, because we need these resources to continue our assistance to Ukraine at a crucial moment of Russian aggression
