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Europe will use frozen Russian assets to buy weapons for Ukraine

2024-03-16 13:19:00, Kosova & Bota CNA

Europe will use frozen Russian assets to buy weapons for Ukraine

European backers of Ukraine will use funds obtained from frozen Russian assets to finance the purchase of armaments for Kiev.

This is what German Chancellor Olaf Scholz said on Friday after a meeting in Berlin with French President Emmanuel Macron and Polish Prime Minister Donald Tusk.

Scholz, Macron and Tusk reiterated their support for Ukraine during that meeting.

Speaking at a press conference after the meeting, Scholz said the proceeds from Russia's frozen assets in Europe would be used to buy weapons.

European support for Ukraine has become extremely important, as the US president, Joe Biden, is finding it difficult to convince the US Congress to approve a package of 60 billion dollars of military aid for Kiev.

Western officials are moving to confiscate Russia's frozen financial assets, worth an estimated $300-350 billion, to prop up Ukraine.

Almost the majority of the nearly 210 billion euros of Russian reserves locked up in the EU – primarily bonds and other types of collateral in which Russia's Central Bank had invested – are being held in a depository called Euroclear in Brussels.

EU leaders could give the green light for such a decision later this month. Some in the bloc still have doubts, however, and the European Central Bank has warned that retrieving frozen Russian assets should only be done in cooperation with the G7 powers./REL 





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