EU Foreign Affairs Council welcomes decision to use profits from immobilised Russian assets for Ukraine and issues warning for Georgia

On 24 June, the EU Foreign Affairs Council welcomed the decision adopted last week on the use of windfall profits from immobilised Russian assets, which will be allocated to the European Peace Facility.

This will allow for the swift operationalisation of the windfall profits stemming from Russian assets immobilised in Europe as a result of restrictive measures for the benefit of Ukraine. This should amount to €1.4 billion available in the course of the next month, and another €1 billion by the end of the year.

“This will be allocated to Ukraine, but for these three purposes: air defence, ammunition and supporting the Ukrainian industry – overcoming or circumventing this structural difficulty that we have had in the last year and a half,” EU High Representative Josep Borrell told journalists after the Council.

At the same time, he added, the Council could not deblock seven legal acts concerning the European Peace Facility: “We still have one country blocking the use of about €6 billion from the European Peace Facility.” Borrell said the leaders would discuss the issue at the next European Council.

The EU High Representative also said that the Council was finalising the EU security commitments to Ukraine. “I hope that the work will be completed very soon in order to be able to sign these security commitments, maybe still this month, maybe in the margins of the next European Council. With these security commitments, we send a clear message to Russia about our will to continue supporting Ukraine,” Borrell said.

The Foreign Affairs Council also discussed Georgia, in particular the political developments in the country, including the adoption and enforcement of the law on transparency of foreign influence.

“We have to regret that there is widespread disinformation about the European Union and its values coming also from official actors. We heard Georgian voices at the highest level, surprisingly stating that this law is bringing the country closer to the European Union. And I want to be clear. No. This law and all the negative developments around it are pushing Georgia away from the European Union,” Borrell said. “If the government does not change the course of action, Georgia will not progress on the European Union path.”

He added that the EU would increase its support to Georgian civil society and media, counter disinformation and increase support to the electoral process. At the same time, the EU will continue monitoring the situation and adapting EU measures as necessary.

“We will downgrade our political contacts in reaching out to Georgia,” Borrell said. “We will reconsider putting on hold our financial assistance to the government, and we will reconsider our support from the European Peace Facility. This can be done immediately, but we will continue looking at the situation and take more measures in case of further deterioration.”

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