90% of revenues from Russian assets should go to Ukraine’s defense — Scholz

Scholz in Riga
Scholz in Riga

As much as 90% of the revenues generated by Russian financial assets frozen in the EU should be directed towards procuring weapons for Ukraine, German Chancellor Olaf Scholz said on May 6.

Scholz made the statement during a joint press briefing with his Baltic counterparts in Riga.

“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,” Reuters quotes the German Chancellor.

In March, EU's chief of foreign affairs, Josep Borrell, suggested seizing 90% of the revenues from the frozen Russian assets in the EU and transferring them to an EU fund that finances armaments for Ukraine.

Read also: Frozen Russian assets may help Ukraine wage war four more years - Reuters

Approximately 70% of all seized Russian assets in the West are kept at Euroclear, a central securities depository in Belgium, amounting to a total of EUR 190 billion ($205 billion).

Scholz added that Germany, Estonia, Latvia, and Lithuania are insisting on a rapid expansion of arms production in Europe, noting that the manufacturing of artillery ammunition and air defense systems has already been increased.

Lithuanian PM Ingrida Simonyte said that the European defense industry is struggling with funding issues and uncertainties about long-term production capacities. However, she is optimistic about the planned Rheinmetall ammunition plant in Lithuania.

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