Four EU nations urge fresh talks on using frozen Russian assets for Ukraine
Four EU countries want the bloc to revisit using Russia's immobilised assets to fund Ukraine, arguing current support is insufficient.
The foreign ministers of the Netherlands, Poland, Spain and Sweden have called on the European Union to reopen discussions about using Russia's frozen central bank assets to support Ukraine. In a letter addressed to the EU's foreign policy chief and Ireland's foreign minister, the four nations argue that the bloc's existing financial commitment to Kyiv is no longer adequate.
The appeal comes ahead of a scheduled meeting of EU foreign ministers on September 1-2 in Ireland. The ministers contend that while the EU agreed in December on a €90 billion loan package for Ukraine covering 2026 and 2027, this will not be sufficient given Moscow's continued aggression.
"Ukraine needs more financial support in both the short and long term," the ministers wrote, adding that the time has come to explore further ways to leverage Russia's immobilised assets for Ukraine's benefit.
The EU immobilised approximately €210 billion of Russian central bank assets following Moscow's full-scale invasion in February 2022. The bulk of this, around €185 billion, is held at Euroclear, the Brussels-based securities depository.
A previous European Commission proposal to use these funds for a loan of up to €165 billion to Ukraine — repayable only after Russia pays war reparations — was abandoned after Belgium rejected it. Brussels was concerned about being left exposed to potential lawsuits and compensation claims from Russia without sufficient guarantees.
The current €90 billion loan, backed by the EU budget, replaced that earlier plan. Officials now say it is unclear whether renewed negotiations would succeed, as Belgium's position has not changed.
The four countries have proposed that European Commission technical experts work with member states to develop new options for using the frozen assets. Some officials believe momentum could come from negotiations on the EU's next long-term budget for 2028-2034, which will need to include funding for Ukraine. The more money available from alternative sources, the less burden falls on EU taxpayers.
Polish Foreign Minister Radoslaw Sikorski argued that using the assets to defend Ukraine now is preferable to waiting for reconstruction. "Russia will not get this money back until it pays reparations to Ukraine, so it is better to use it to stop the aggression," he said.