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EU Nations Push for Russian Assets to Fund Ukraine, Belgium Blocks Plan
🇵🇱 Poland /Economy & Trade

EU Nations Push for Russian Assets to Fund Ukraine, Belgium Blocks Plan

From Rzeczpospolita · () Polish

Translated from Polish and summarized by DistantNews. Read the original for the full story.

At a glance

News Named sources New plan
  • Several EU countries are pushing the European Commission to use over 200 billion euros of frozen Russian assets to fund Ukraine.
  • Belgium has previously blocked such plans, citing fears of Russian legal challenges and intimidation.
  • The coalition seeks alternative legal and technical frameworks to bypass Belgium's veto and provide additional financial support to Kyiv.

A coalition of European Union member states, including Poland, Spain, the Netherlands, and Sweden, is pressing the European Commission to reconsider using frozen Russian central bank assets to finance Ukraine's defense. The push comes via a letter sent to Brussels on August 27, obtained by the Financial Times, which cites four sources familiar with the document.

Previous attempts to utilize the approximately 200 billion euros in Russian assets frozen under EU sanctions collapsed last winter, largely due to opposition from Belgium. Belgium holds the majority of these assets within the Euroclear depository, benefiting annually from substantial interest income. The coalition now seeks clarity on alternative legal and technical frameworks that could circumvent Belgium's objections.

Now is the time to start a new discussion about the further use of Russia's frozen assets for the benefit of Ukraine and our benefit

— Maria Malmer StenergardSwedish Foreign Minister, emphasizing the need to utilize frozen Russian assets for Ukraine's benefit.

Swedish Foreign Minister Maria Malmer Stenergard emphasized the urgency, stating, "Now is the time to start a new discussion about the further use of Russia's frozen assets for the benefit of Ukraine and our benefit." She described the move as a "fair and smart way" to ensure Ukraine can defend itself and Europe. The letter calls on the Commission to undertake technical work to facilitate the use of these assets to alleviate Kyiv's budgetary needs.

fair and smart way

— Maria Malmer StenergardDescribing the proposed use of Russian money to fund Ukraine's defense.

Ukraine has long advocated for the EU to leverage these frozen funds for its defense. While interest generated from assets held at Euroclear is currently being used to finance a loan of up to 50 billion euros agreed for 2024, the letter's authors argue this is insufficient given the escalating Russian attacks on Ukrainian cities. "The loan of 90 billion euros is a manifestation of the EU's commitment to supporting Ukraine, but it is clearly not enough," Stenergard added.

EU countries agreed in December 2025 to "continue work on establishing a reparation loan based on cash balances related to Russia's frozen assets." However, progress has stalled, prompting the current demand for a status report. Belgium's previous opposition stemmed from fears of retaliation and potential legal claims from Russia, which had issued official threats and allegedly attempted to intimidate Belgian officials.

The loan of 90 billion euros is a manifestation of the EU's commitment to supporting Ukraine, but it is clearly not enough

— Maria Malmer StenergardHighlighting the inadequacy of current EU financial support for Ukraine.
About this summary

Originally published by Rzeczpospolita in Polish. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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