The four countries have jointly requested a renewed review on how Russian funds can be used to provide further financial support to Ukraine. This concerns more than 200 billion euros of assets belonging to the Russian central bank that have been frozen within the European Union.
Ukraine is pleased that multiple EU countries want to revisit the possibility of using frozen Russian assets to support Ukraine. Foreign Minister Andri Sybiha thanked, in a message on X, among others his counterpart Tom Berendsen from the Netherlands, one of the countries aiming to reopen the discussion on the matter.
EU Again
The European Commission emphasizes that this issue has never completely disappeared from the agenda. After the European consultation last December, research into the legal and technical possibilities of using Russian assets continued. An earlier proposal at that time did not receive enough support from the EU countries.
Promotion
The topic may be raised again next week during an informal meeting of EU Foreign Ministers in Ireland. The Netherlands, Sweden, Spain, and Poland want to seize that opportunity to revive the discussion and explore new possibilities.
Belgium
The majority of the frozen Russian assets are held at Euroclear in Brussels. Consequently, Belgium plays a central role. The Belgian government previously opposed the proposed arrangement, mainly due to potential legal, financial, and economic consequences of using the Russian assets.
Belgium does not rule out the use of the funds for Ukraine on principle but remains cautious. The country demands a robust approach to minimize risks. The Netherlands, Sweden, Spain, and Poland also acknowledge the complexity of the matter and emphasize that new options must be carefully investigated.
Sharing Risk
Therefore, the four countries want experts from the European Commission to reexamine possible solutions. It must be ensured that no single EU country bears a disproportionate risk. Any financial and legal risks should be shared collectively by all member states.
After no agreement was reached in December regarding further use of the Russian assets, EU countries opted for a different solution. A European interest-free loan of 90 billion euros was provided for Ukraine. The four initiators now believe that additional financing options should also be explored.
American?
Part of that 90 billion euros is designated for defense. European origin requirements apply in principle to arms purchases, but Ukraine may receive exceptions when European manufacturers cannot quickly deliver urgently needed equipment. For instance, Kyiv obtained permission to purchase American anti-missile rockets for Patriot air defense systems.