EU considers using frozen Russian assets to bolster Ukraine’s military potential – Borrell

The head of European diplomacy, Josep Borrell, said that the European Union is discussing the possibility of using frozen Russian assets for the benefit of Ukraine to increase its military potential.

Josep Borrell said this at a press conference on March 5.

"We agreed that Russian frozen assets can be used to support Ukraine," he said.

Borrell added that they [assets of the Russian Federation — ed.] can also be used to avoid the "destruction of Ukraine." He specified that this, in particular, means an increase in Ukraine's military potential or defense technological base.

"But for this we still need the consent of the EU member states, we need a single basis for the agreement, a proposal for a common financial security policy, we are currently continuing to work at the initial stage to achieve a result on this issue," said the head of European diplomacy.

For reference:

From 2022 to 2023, and as of the beginning of August, the Security Service of Ukraine seized the assets of Russian business people financing the war, worth almost 190 billion hryvnias.

In addition, the assets of Russian oligarchs are being seized abroad:

• Great Britain has frozen more than 18 billion pounds ($23 billion) of assets and imposed sanctions against more than 1,550 Russians since the Russian Federation's full-scale invasion of Ukraine and as of mid-June this year.
• In the Czech Republic, the assets of Russian oligarch Volodymyr Yevtushenkov, who is close to Russian President Vladimir Putin, were frozen.
• Poland also offered to give the frozen assets of the Russian Federation to Ukraine and EU countries.
• In Germany, blocking Russian assets worth more than 4 billion euros was possible.
• The EU is studying the procedure for the confiscation of 200 billion euros of frozen assets of the Russian Central Bank. The European Commission is also developing its proposals.
• Belgium created a special fund to support Ukraine in the amount of 1.7 billion euros, filled with taxes on Russian assets frozen in the country.
• In July, Italy announced that it had frozen the assets of Russian oligarchs worth about 2 billion euros after the Russian Federation invaded Ukraine last year.
• European Union ambassadors agreed on January 29 to use the profits from frozen Russian assets to help Ukraine.
• For the first time in history, the United States of America handed over confiscated Russian assets to Estonia, which will be used to support Ukraine.