Ukraine and Latvia urge EU to unlock €200bn in frozen Russian assets

Ukrainian and Latvian officials are calling on the European Union to unlock approximately €200 billion in frozen Russian sovereign assets to fund reconstruction and reparations for Ukraine.

Speaking in Kyiv, Latvian Prime Minister Andris Kulbergs argued that Russia should bear the financial costs of its war and hybrid operations, which include cyberattacks and irregular migration tactics. He emphasized that using these frozen assets would prevent the financial burden from falling on EU taxpayers.

Ukrainian Foreign Minister Andrii Sybiha, following talks with German Foreign Minister Johann Wadephul, urged European capitals to reopen discussions on accessing the core capital of these funds. Sybiha noted that accessing the principal body of frozen assets would serve as a significant lever of pressure against Moscow. He also advocated for stronger economic restrictions and robust sanctions packages to weaken Russia's ability to produce ballistic missiles.