The foreign ministers of the European Union member states could not come to a consensus on the use of proceeds from frozen Russian assets in the interests of Ukraine.

This follows from the words spoken by High Representative of the European Union for Foreign and Security Policy, Josep Borrell, at a press conference held in Brussels on Monday at the end of the meeting of the EU Council on Foreign Affairs.

“There is an issue in itself, which is the legal basis and the financial consequences of seizing not the assets, but the revenues generated by these assets in exceptional circumstances. I cannot say that anyone was opposing but they wanted to have a concrete proposal in order to carefully study the legal basis. I understand [that]. We live in a state of law, we cannot take arbitrary measures. The decisions that we take have to be supported by international law or be compatible with international law. Some Member States want to study carefully the text that will be presented to them in a couple of days,” Borrell said.

He reiterated that it was not about the frozen assets themselves, but the revenues from them, “in order to put aside, now the issue is to take it and to use it for the benefit of Ukraine.” “So, after the discussion today, I have seen there is strong support. There are some Member States that want to have more details, but there is a strong support to take the revenues [from] the windfall profits. And to use it to support Ukraine. How? Militarily, to increase the resources of the European Peace Facility, and also to support the development of the Ukrainian defence industry. I am going to table this Council decision proposal and work with the Commission to approve a Council regulation, in order for the Member States to discuss a concrete proposal before the European Union Council,” the High Representative said.