European Union to use proceeds from Russian assets to fund weapons for Kyiv

German Chancellor Olaf Scholz said that the European Union countries have intended to use proceeds from Russian assets frozen in Europe to fund arms purchases for Kyiv, reported TASS.

German Chancellor Olaf Scholz said that the European Union countries have intended to use proceeds from Russian assets frozen in Europe to fund arms purchases for Kyiv, reported TASS. Chancellor Olaf Scholz while addressing a press conference with French President Emmanuel Macron and Polish Prime Minister Donald Tusk in Berlin, said, "We will use the super profits from Russian assets frozen in Europe to financially support the purchase of weapons for Ukraine."

"And the three of us will meet again next week and discuss these issues with our European partners in the European Council," he added. According to a high-ranking EU representative, the EU is working on the 14th package of sanctions against Russia, which will include measures to combat circumvention of previous restrictions, TASS reported.

"We are already working on the 14th package of sanctions, and it will include measures to combat circumvention of all previous restrictions," he said. He further denied mentioning when the next package of sanctions will be introduced.

Since February 2022, the European Union has introduced 13 packages of individual and economic sanctions against Russia due to the special military operation in Ukraine. Moreover, the last package was approved on February 23, according to TASS.

Earlier on Thursday, the EU agreed to provide five billion euros (USD 5.48 billion) for military support to Ukraine, as part of a revamp of an EU-run assistance fund, reported Al Jazeera. In a move to extend military support to Ukraine as its forces struggle against Russia's invasion, the EU stated that it will support Ukraine with whatever it takes to prevail.

European Union's High Representative for Foreign Affairs and Security Policy, Josep Borrell said, "We made it: #Coreper agreed on the #UkraineAssistanceFund. The Fund will allow us to step up our military support to #Ukraine with another EUR5 billion. The message is clear: we will support #Ukraine with whatever it takes to prevail." Ambassadors from the EU's 27 member countries agreed to the overhaul of the European Peace Facility (EPF) fund at a meeting in Brussels on Wednesday after months of wrangling, with EU heavyweights France and Germany at the centre of much of the debate, reported Al Jazeera. (ANI)

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