EU lawmakers urge unlocking of frozen Russian assets for Ukraine

More than 120 members of the European Parliament have sent a letter to European Union leaders urging the immediate resumption of negotiations to use frozen Russian assets to support Ukraine. The initiative comes as Kyiv faces a €23 billion deficit in defense funding and estimates that Russian-caused damages in Ukraine have exceeded €600 billion.

Approximately €200 billion in Russian central bank assets remain frozen within the EU, with the vast majority—roughly €190 billion—held by the Euroclear depository in Belgium. To address legal concerns and potential financial instability that previously stalled similar efforts in late 2025, the European Commission is exploring new mechanisms. One proposal involves moving these assets and their associated liabilities into a separate EU-controlled structure, which could shield Belgium and Euroclear from the legal risks they have cited as reasons for opposition.

The push has received support from various political groups within the Parliament and several member states, including Sweden, Poland, the Netherlands, and Spain. While the EU previously approved a €90 billion loan for Ukraine through joint borrowing, proponents argue that additional creative solutions are necessary to meet the scale of the required defense and reconstruction costs.