The EU will direct 90% of the revenue from frozen Russian assets to help Kyiv.

Chancellor Olaf Scholz said on Monday that around 90% of the revenues generated from Russian assets frozen in the EU should be spent on arms purchases for Ukraine to boost its defensive capabilities.

“This money can be used for weapon purchases not only in the EU but also for purchases all over the world,” he emphasized after a meeting with members of the governments from the three Baltic countries in Riga.

There is no obligation to purchase weapons exclusively in Europe.

“The most important task is to deliver weapons quickly, not when a new factory is built,” Scholz emphasized.

Earlier, in March, the EU’s top representative for foreign policy, Josep Borrell, suggested transferring 90% of the income from Russian assets frozen in Europe to the EU fund that finances the purchase of weapons for Ukraine.

About 70%, or €190B, of all Russian assets held by the West are stored in Belgium’s central securities depository, Euroclear. It is expected that Ukraine will receive the first funds from such revenues by the summer.