Josep Borrell, EU High Representative for Foreign Affairs and Security Policy, reported that the EU foreign ministers at their meeting will discuss increasing the European Peace Facility by €5 billion to support Ukraine and the utilisation of profits made on frozen Russian assets.

"I hope that we will finally adopt [these] important decisions today. First – the Ukrainian support fund with a replenishment of €5 billion for the European Peace Fund, which has been under discussion for weeks. I definitely hope that today the ministers will approve this," Borrell said.

He also said he hopes for agreement among the ministers regarding the use of profits generated by frozen Russian assets to support Ukraine, particularly to increase funding for Ukrainian defence. 

"I hope that today, political agreement will be reached to finally take action on this," Borrell added.

Ministers also intend to adopt new sanctions in connection with the death of Russian opposition leader Alexei Navalny. 

Borrell announced that Ukrainian Foreign Minister Dmytro Kuleba and US Secretary of State Antony Blinken will join the meeting remotely.

On 13 March, permanent representatives from EU countries agreed on a €5 billion increase in the European Peace Facility, which is used to fund supplies of weapons to Ukraine.

Earlier, the media reported that the European Commission is preparing to propose the confiscation of billions of euros in profits obtained from frozen sovereign assets of Russia in Europe to support Ukraine.