EU ministers have not yet decided on use of profits from frozen Russian assets

EU foreign ministers have yet to reach a consensus about using profits from frozen assets of the Russian Federation for the benefit of Ukraine.

Source: Josep Borrell, EU High Representative for Foreign Affairs and Security Policy, following a meeting of the EU Council; European Pravda

Borrell stressed that this is not about the frozen assets themselves but windfall profits from them.

"Now the issue is to take it and to use it for the benefit of Ukraine," Josep Borrell said, adding that this issue has been discussed for months.

"After the discussion today, I have seen that there is strong support. There are some member states that want to have more details, but there is strong support to take revenues and windfall profits and to use it to support Ukraine," Borrell said.

Borrell says these funds can be used for military support for Ukraine and to support the country's defence industry.

"I am going to table this Council decision proposal and will work with the Commission to approve a Council Regulation in order for the member states to discuss a concrete proposal before the EU Council," Borrell said.

"I cannot say that there was unanimity, but a strong consensus to take this decision," he noted.

He added that the decision proposal will be submitted to the member states "in a couple of days".

Background: Polish Foreign Minister Radosław Sikorski said it would be better if Russian money in the EU was used to defend Ukraine rather than to rebuild  it.

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