European Commission head tempers plan to use Russian assets to buy arms for Kiev

Brussels, Mar 20 (Representative) European Commission President Ursula von der Leyen has tempered a future plan to use revenues from Russia’s frozen assets to restock Ukraine’s weapons supplies, of which 10% could be spent on non-military aid, Politico has reported, citing sources.European Union leaders will discuss the use of revenues from Russia’s frozen assets for Ukraine at a summit in Brussels from March 21–22, a senior European official said on Tuesday. Von der Leyen will propose on Wednesday that some of the approximately 3 billion euros ($3.2 billion) derived from the immobilised assets this year will be used for non-military aid to Kiev, the report said on Tuesday, citing a document it saw. The report cited two unnamed officials as saying that non-military aid would amount to 10% of the sum, while the remaining 90% would be used to buy weapons for Ukraine.

The “watered-down plan” is a concession to some countries that opposed the idea of using all revenues from Russia’s frozen assets to buy weapons for Kiev, Politico reported. On Monday, EU foreign policy chief Josep Borrell said that there was strong support among EU member states for using windfall profits from Russia’s frozen assets. Revenues from Russia’s frozen assets could be “partially” allocated to the European Peace Facility to increase the bloc’s military support for Ukraine if member states “agree on seizing” them, he added. After the start of Russia’s military operation in Ukraine in February 2022, Western countries imposed comprehensive sanctions against Russia, including the freezing of nearly half of the country’s foreign currency reserves. The West is estimated to hold some $300 billion in Russian central bank assets and has been discussing ways to legally tap the frozen funds. Russia has said that such acts would be illegal, in addition to ruining the West’s already-shaken image as a safe haven for global investors.