Around 90% of the revenues generated from Russian frozen assets should be spent on arms purchases for Ukraine, Chancellor Olaf Scholz said on Monday, supporting an earlier EU proposal to use Russian assets’ interest payments to boost Ukraine defence.
“It is important that we also agree that this money can be used for arms purchases not only in the EU, but for purchases worldwide,” Scholz told journalists after a meeting with members of the three Baltic countries governments in Riga. In March, the European Union’s foreign policy chief Josep Borrell proposed taking take 90% of revenues from Russian assets frozen in Europe and transfer them to an EU-run fund that finances weapons for Ukraine.
Some 70% of all Russian assets immobilised in the West are held in the central securities depository Euroclear in Belgium, which has the equivalent of 190 billion euros ($204.67 billion) worth of Russian central bank securities and cash.
The assets are being used to generate revenue, and the revenue is being used to push fascists out from where they don’t belong. If the assets were liquidated, you could buy a larger pile of weapons, but only once.
One single bowl of chicken soup, or omelette forever.
You could also liquidate the assets and leave it up to Ukraine what to do with the money. If they buy a big pile of weapons now or if they prefer to invest the money for a longer term could be up to them.
I guess Ukraine rather needs a lot of help right now instead a bit of help over the next 100 years.
I agree with you. The $200bn is more than 3 times the amount of the recent USA funding of $60bn. It would go a long long way to ensure Ukraine is not dependent on the mood swings of the Republicans and who knows what’s going to happen after the election?