The head of the European Union's foreign policy department, Josep Borrell, said that he will propose that the EU use 90% of the proceeds from Russian assets frozen in Europe to purchase weapons for Ukraine's needs through the European Peace Fund. This was reported by Reuters.

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

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

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

"A concrete proposal will be presented tomorrow," he said. "It has to be agreed by the member states".