European Commission President Ursula von der Leyen urged members of the European Parliament "to start a conversation about using the windfall profits of frozen Russian assets to jointly purchase military equipment for Ukraine."
"There could be no stronger symbol and no greater use for that money to make Ukraine and all of Europe a safer place to live," Von der Leyen said during a speech at the European Parliament on Feb. 28.
Western countries and other partners immobilized around $300 billion of the Russian Central Bank'sassets at the beginning of the full-scale invasion.
Debates over the legality of channeling these funds into Ukraine's reconstruction have prevented allies from transferring the money, but ongoing delays in U.S. military aid have prompted heightened urgency.
"The cost of insecurity – the cost of a Russian victory – is far greater than any saving we could make now. This is why it is time for Europe to step up," Von der Leyen said.
Earlier, U.S. Treasury Secretary Janet Yellen also said that unblockingfrozen Russian Central Bank assets and diverting those funds to aid Ukraine is "necessary and urgent."
The European Union on Feb. 12 announced a new set of measures targeting profits from frozen assets belonging to the Russian Central Bank.
Read also: EU agrees on new measures to isolate frozen Russian funds
