European Union foreign policy chief Josep Borrell said today that he will propose that the EU use 90% of the proceeds from Russian assets frozen in Europe to buy weapons for Ukraine through the European Peace Fund. The EU's top diplomat told reporters in Brussels that he would propose the remaining 10% be transferred to the EU budget to be used to boost the capabilities of Ukraine's defense industry. He said he would present the proposal to EU member states tomorrow, Wednesday, ahead of a summit of EU leaders on Thursday and Friday. A senior EU official said last week that “frozen” Russian assets in the European Union are likely to generate after-tax profits of 15 billion to 20 billion euros by 2027, depending on the fluctuation of global interest rates. About 70% of all Russian assets […]
Source: News Beast
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