Germany to finance Ukraine's arms purchase with frozen Russian assets
German Chancellor Olaf Scholz has declared that profits from Russian assets frozen in Europe will be used to support the purchase of weapons for Ukraine. This announcement came after a meeting with Polish Prime Minister Donald Tusk and French President Emmanuel Macron.
At a press conference following the Weimar Triangle leaders' meeting in Berlin, Chancellor Olaf Scholz stated that Poland, Germany, and France "stand alongside Ukraine" and "will continue their commitment".
He mentioned that the leaders of the Weimar Triangle countries have resolved to purchase a greater number of weapons for the Ukrainian military and to increase military equipment production.
Scholz, Tusk, and Macron also indicated that the profits from the frozen Russian assets in Europe will be utilised to financially assist the purchase of weapons for Ukraine. The defence ministers of France, Germany, and Poland are scheduled to meet on Monday to discuss this matter.
How much money will be allocated for armaments?
Proposals had already been made to allocate the profits from the frozen assets of the Russian central bank to Ukraine. Belgian clearinghouse Euroclear reported that this could amount to approximately £3.2 billion annually.
A high-ranking EU official, in a discussion with Reuters, mentioned that it is expected by 2027, the frozen Russian assets will generate a profit of between £12 billion and £16 billion.
Following Russia's full-scale invasion of Ukraine, the European Union froze assets totalling about £160 billion.
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