Russian money ‘doesn’t belong to anyone’ – Germany’s Scholz — RT World News

German Chancellor Olaf Scholz has claimed that money generated from frozen Russian assets in the EU does not belong to anyone, again arguing that Brussels can use it to buy weapons for Ukraine.

Speaking to reporters ahead of an EU summit in Brussels on Thursday, Schulz insisted that the bloc needed to boost financial and military support for Kiev and increase ammunition production to keep up with Ukraine's needs.

He suggested that apart from the funds allocated by member states, additional resources to purchase weapons for Kiev could come from the European Union “Unexpected profits” From the origins of frozen Russia.

He added: “We are talking about revenues that can be used because they are not owned by anyone and therefore can be used by the European Union.” He said, adding that this money should be used with… 'The trend is clear' Like buying ammunition for Ukraine.

Following the launch of Russia's military operation against Ukraine in February 2022, the EU and other G7 countries froze more than $300 billion in Russian foreign exchange reserves, with about $200 billion held in the EU.

In recent months, EU officials have begun discussing whether to confiscate this money entirely and spend it on military support for Ukraine, or at least use the interest generated by the assets.

Initially, Brussels considered using the windfall only to support Ukraine's post-conflict reconstruction. However, in light of Kiev's difficult situation on the battlefield in recent months, EU officials, including the bloc's top diplomat, Josep Borrell, have insisted on using Russia's money for military support.

Earlier this week, Borrell proposed allocating 90% of the income from the funds to purchase missiles for Kiev and using the remaining 10% to support Kiev's defense industry.

Schulz said Thursday he believes this exists “wide unit” on this issue within the European Union. However, according to a DW report earlier this week, the proposal could be blocked by Hungary. Unlike many of its EU counterparts, Budapest has not been blindly supportive of Ukraine in the conflict, refusing to send weapons to Kiev and opposing some economic sanctions on Russia.

Moscow warned that any action taken against its assets could amount to theft. She stressed that seizing funds or any similar move would violate international law and undermine Western currencies, the global financial system, and the global economy.