EU nations urge Brussels to revive frozen Russian assets plan for Ukraine

A coalition of European Union member states is pressing the European Commission to revive plans for using immobilised Russian sovereign assets to support Ukraine. The push, reported by the Financial Times, is being led by Sweden, the Netherlands, Spain and Poland, according to four people briefed on the matter.

The countries have drafted a letter to the EU's executive body, urging it to restart work on a mechanism that would channel funds from Russian central bank assets frozen under sanctions into Ukraine's war effort and reconstruction. The move signals renewed momentum behind a proposal that had stalled amid legal and financial complexities.

The letter is expected to formally call on the Commission to prioritise the initiative, which has been under discussion since soon after Russia's full-scale invasion of Ukraine in 2022. While the EU has already imposed sweeping sanctions that immobilise hundreds of billions of euros in Russian assets, converting those funds into direct aid for Kyiv has proven politically and legally challenging.

Supporters argue that using the assets would provide a steady and substantial funding stream for Ukraine, reducing reliance on member-state contributions. Critics, however, have raised concerns about the legality of seizing another state's assets and the potential impact on the euro's status as a reserve currency.

The renewed push comes as Ukraine faces continued military pressure and growing budgetary needs, with Western allies exploring all available avenues to sustain support. The Commission has not yet publicly responded to the letter, but the initiative is likely to be a topic of discussion at upcoming EU summits.