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[INTERNATIONAL] · Sweden, Netherlands, Spain, Poland, Ukraine · 51 sources

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EU nations urge use of frozen Russian assets to fund Ukraine

Four European Union nations—Sweden, the Netherlands, Spain, and Poland—have issued a joint letter urging the European Commission to reopen discussions on utilizing approximately 210 billion euros in frozen Russian sovereign assets to support Ukraine. The group argues that the existing 90 billion euro EU support loan, scheduled for 2026 and 2027, will be insufficient to meet Ukraine's long-term financial and military needs. They contend that using these assets would ensure Russia pays for the destruction it has caused while reducing the financial burden on EU taxpayers.

This push comes as President Volodymyr Zelenskyy reports a significant funding gap of approximately 23.1 billion euros within Ukraine's Ministry of Defense. The deficit arose because funds intended for the second half of the year were used to cover costs in the first six months. Zelenskyy has called on the EU to accelerate the disbursement of its existing aid package to address this shortfall.

While the European Commission has approved 6.1 billion euros for the production of missiles, ammunition, and radars to bolster Ukraine's defense, the use of frozen Russian assets remains a contentious issue. Belgium, which hosts about 90% of these assets through Euroclear, has previously resisted the plan due to concerns over potential legal retaliation from Moscow and the need for additional financial guarantees.

Entities

Euroclear · European Commission · European Union · Kaja Kallas · Maria Malmer Stenergard · Russia · Russia · Ukraine · Ukraine Ministry of Defence · Ursula von der Leyen · Vladimir Putin · Volodymyr Zelenskyy

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