The European Commission will today announce proposals to use the profits from frozen Russian assets to finance arms supplies to Kyiv and stimulate the country's defense industry. This was reported by Bloomberg.


According to the publication, this will happen on the day of Prime Minister Denys Shmyhal's visit to Brussels.


The day before, the head of the European Union's foreign policy department, Josep Borrell, said that he would propose that the EU use 90% of the proceeds from Russian assets frozen in Europe to purchase weapons for Ukraine through the European Peace Fund.


According to him, the remaining 10% will be transferred to the EU budget to be used to improve the capacity of the Ukrainian defense industry.


Borrell emphasized that the proposal is to use the profits from assets located in Europe, not the assets themselves. According to him, this could bring in about €3 billion a year.


He said he would present the proposal to EU member states before the EU leaders' summit on March 21-22.