EU must come to consensus now to unblock revenues from frozen Russian assets to aid Ukraine - EU's Borrell

Josep Borrell
Josep Borrell

About 90% of the revenues from frozen Russian assets will be directed to the European Peace Fund to supply weapons and military equipment to Ukraine, EU High Representative for Foreign Affairs & Security Policy, Josep Borrell, said on May 28.

The EU needs to come to a consensus to unblock the financial resources intended to fund military aid for Ukraine, he said.

Read also: G7 finance ministers seek consensus on how to fund Ukraine through frozen Russian assets

Seven laws must be passed to use revenues from about 6.6 billion euros ($7.16 billion) worth of frozen Russian assets.

This is impossible right now due to a long-standing lack of consensus within the EU, Borrell said.

"We need unanimity, which has not been there for months," Borrell said.

"I spoke about it yesterday at the Council of Foreign Ministers, and we did again today. There are 6.6 billion euros ($7.16 billion) waiting to be applied, and all the instruments needed to do so are still waiting to be adopted."

He called the situation particularly acute, as EU leaders agreed to the decision at the highest level of the European Council to transfer 5 billion euros ($5.42 billion) to the Ukrainian aid fund within the framework of the European Peace Fund.

Read also: EU approves use of frozen Russian assets to support Ukraine

He called it "more of a theoretical discussion," adding that any delays in military support "have real consequences, and those consequences are measured in human lives, damaged civilian infrastructure, and traps on the battlefield in Ukraine."

"This is particularly important because we are now approaching the use of extraordinary proceeds from frozen (Russian) assets, which will be debated at the level of Coreper (Committee of Permanent Representatives of the EU - ed.) this week," Borrell said.

90% of the revenues from the frozen Russian assets will be directed to the European Peace Fund, Borrell said.

They will be directed to the direct supply of necessary weapons and military equipment to Ukraine.

Remembering this, member states should make every effort to avoid blocking these financial resources, amounting to about 3 billion euros ($3,25 dillion) per year, Borrell said.

A meeting of the EU Council of Ministers on Foreign Relations at the level of defense ministers was held in Brussels on May 28.

The ministers discussed the continuation and strengthening of military aid to Ukraine and its support in defense against Russian aggression.

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Read the original article on The New Voice of Ukraine