German Chancellor: 90% of Frozen Russian Assets Should Go Towards Ukraine’s Weapon Procurement

German Chancellor Olaf Scholz announced on Monday, May 6, that 90% of the proceeds from frozen Russian assets should be allocated to purchasing weapons for Ukraine. This statement came following a meeting with the heads of government of the three Baltic states in Riga, as reported by Reuters.

Chancellor Scholz emphasized the European consensus on utilizing the profits generated from frozen Russian assets. “There’s a significant amount, several billion per year,” he stated. “We’ve also reached an agreement, which is currently being finalized, to use around 90 percent of these funds for Ukrainian defense purposes.”

According to Scholz, it is crucial to agree that these funds can be used to procure weapons not only within the EU but also worldwide.

In March, EU High Representative for Foreign Affairs Josep Borrell proposed directing 90% of the revenue from Russian assets frozen in Europe to an EU fund financing weapons for Ukraine.

Approximately 70% of all Russian assets frozen in the West are held in the central depository Euroclear in Belgium, which possesses Russian central bank securities and cash worth an equivalent of 190 billion euros.