Reuters. German Chancellor Olaf Scholz said on Monday (May 6) that about 90 percent of the revenue generated by frozen Russian assets should go to buying weapons for Ukraine, supporting a European Union proposal to use interest payments on Russian assets to boost Ukrainian defense.
In March, the European Union's foreign policy chief Josep Borrell proposed taking take 90 percent of revenues from Russian assets frozen in Europe and transfer them to an EU-run fund that finances weapons for Ukraine.
Some 70 percent 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.
Germany and the three Baltic states are pushing for a rapid expansion of arms production in Europe, Scholz said, adding production of ammunition and air defence systems had already been increased.
