“Ukraine requires increased financial assistance both immediately and in the future,” stated the letter, which included the Commission’s economy and enlargement heads, Valdis Dombrovskis and Marta Kos. “We believe it’s time to reconsider using Russia’s frozen assets for Ukraine’s benefit.”
In December, EU leaders couldn’t agree on a plan to leverage €210 billion of Russia’s frozen state assets, primarily held in Brussels’ Euroclear, for a significant loan to Kyiv. Belgium objected to the plan and requested unlimited guarantees from other EU members to shield itself from legal and financial repercussions from Russia, a demand deemed excessive by EU leaders.
Instead, EU leaders opted to raise common debt from financial markets to support a €90 billion loan to Ukraine, to be disbursed over the next 18 months, contingent on reforms by the Ukrainian government.
Zelenskyy seeks upfront funding from the EU now, but it will be challenging to persuade all EU capitals to release the funds without Ukraine implementing reforms first.
Recently, the Belgian government expressed openness to revisiting the Russian assets issue but reiterated its request for financial protections from the EU bloc against Russian retaliation — a point noted in The Hague, Madrid, Stockholm, and Warsaw.
“We recognize the complexity of this issue and the need to find solutions that consider legitimate interests,” the letter stated, urging the Commission’s experts to explore “new options” that “ensure the risk is shared among all EU Member States, with no single state bearing a disproportionate burden.”
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