The Chancellor of Germany Olaf Scholz said that around 90% of the revenues generated from Russian frozen assets should be spent on arms purchases for Ukraine, supporting an earlier EU proposal to use Russian assets’ interest payments to boost Ukraine’s defense.

“It is important that we also agree that this money can be used for arms purchases not only in the EU, but for purchases worldwide”, - said Scholz after a meeting with members of the three Baltic countries governments in Riga.