EU leaders to consider using profits from Russian assets to arm Ukraine
European Union gathered in Brussels for a two-day summit that will consider proposals to use profits from frozen Russian financial assets to buy arms for Ukraine.
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Ukraine will top the agenda of the meeting of the leaders of the 27 EU member states, who will debate on how Europe can boost its arms industry and increase support as the United States has cut military aid.
The European Commission, the EU’s executive body, has proposed transferring profits from Russian assets that were frozen in Europe into an EU-run fund used to finance arms for Kyiv.
The commission estimates the profits could be between €2.5 billion and €3 billion euros per year.
All eyes on Hungary
Russia has said the plan is theft, though it has broad support among EU governments – even if some countries find it problematic.
Hungarian Prime Minister Viktor Orban, who maintains closer ties to Moscow than other EU leaders, opposes sending arms to Ukraine.
The proposal also raises questions for countries that have remained neutral or militarily non-aligned, like Malta, Austria and Ireland.
No final decision is expected this week, but leaders will indicate how the EU should proceed.
Ukraine military support
A draft summit declaration said leaders "reviewed progress" on using the revenues "for the benefit of Ukraine, including possibly for funding military support" and asks EU bodies to "take work forward".
It also says the EU "is committed to increasing its overall defence readiness” amid "rising threats and security challenges".
It invites officials to asses a Commission plan to boost Europe's arms industry by giving incentives to EU countries to buy European, and work together on joint projects.
Funding increased defence spending is a complex question. Beyond the proposal of using frozen Russian assets, there is a proposal to issue European defence bonds, proposed by Estonian Prime Minister Kaja Kallas
French President Emmanuel Macron and others support the idea, but other countries, including Germany, Austria, the Netherlands and Sweden, are sceptical.
Gaza diplomacy
The summit will also address the war in Gaza, with leaders needing to navigate the diplomatic interests of allies of Israel, such as Hungary, the Czech Republic and Austria, with strong advocates of Palestinians, including Spain, Ireland and Belgium.
Leaders will also discuss the prospect of opening EU membership talks with Bosnia, as well as address farmers’ protests that have swept many European countries.
(with Reuters)
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