European Commission President Ursula von der Leyen told the European Parliament Wednesday they should consider using frozen Russian assets to help Ukraine. She said the illusion of peace has been shattered in Europe and declared Europe must turbocharge its defense industrial capacity in the next five years. File photo by Gian Ehrenzeller/EPA-EFE
Feb. 28 (UPI) -- European Commission President Ursula Van von der Leyen told the European Parliament Wednesday the EU should consider using frozen Russian assets to aid Ukraine as she declared that the illusion of permanent peace in Europe has been shattered.
"It is time to start a conversation about using the windfall profits of frozen Russian assets to jointly purchase military equipment for Ukraine," von der Leyen said. "There could be no stronger symbol and no greater use for that money than to make Ukraine and all of Europe a safer place to live."
Roughly $324 billion in Russian central bank assets have been frozen by the EU and G7 nations including the United States since Russia invaded Ukraine in February 2022.
In a Tuesday press conference in advance of the G20 meeting in Brazil, U.S. Treasury Secretary Janet Yellen echoed von der Leyen's position on using frozen Russian assets to help Ukraine.
"My European colleagues have now taken an important first step to harness windfall proceeds from Russian sovereign assets, an action I fully endorse," Yellen said. "I also believe it is necessary and urgent for our coalition to find a way to unlock the value of these immobilized assets to support Ukraine's continued resistance and long-term reconstruction."
In her speech to the European Parliament von der Leyen also announced that the EU will set up an Office for Defense Innovation in Kyiv.
"This will bring Ukraine ever closer to Europe, and it will enable all Member States to draw on Ukraine's battlefield experience and expertise and industrial defense innovation," von der Leyen said.
She declared that Europe cannot afford any more illusions about Putin or European security.
"The illusion that peace is permanent," von der Leyen said. "The illusion that economic prosperity might mean more to Putin than destroying a free and democratic Ukraine. The illusion that Europe on its own was doing enough on security, be it economic or military, conventional or cyber."
She also alluded to the presidential election in the United States this year, in the wake of former President Donald Trump saying he would encourage Russia to "do whatever the hell they want" to NATO countries who are delinquent on their international dues, in stressing the urgency of the situation.
"The simple truth is we do not have the luxury of comfort. We do not have the control of elections or decisions in other parts of the world. We simply do not have the time to skirt around the issue with or without the support of our partners. We cannot let Russia win," von der Leyen said.
Therefore, she called on the EU to take more responsibility to strengthen European security.
"The threat of war may not be imminent, but it is not impossible. And the risks of war should not be overblown, but they should be prepared for," she said.
She said that means Europe must turbocharge its defense industrial capacity in the next five years.
Europe, she said, will increase support for industrial ramp up as it is already doing for ammunition production. She said proposals for the first-ever European Industrial Defense Strategy will be released in coming weeks.
