Four EU countries seek to use Russian assets to finance Ukraine

Four EU countries push to revive plans to use frozen Russian assets for Ukraine

Sweden, the Netherlands, Poland and Spain plan to send a joint letter to the European Commission this week calling for efforts to use frozen assets belonging to the Central Bank of Russia to finance Ukraine to resume. The initiative comes as Belgium reiterates that all EU countries must share the legal and financial risks.

Scraper SystemAugust 27, 2026, 12:25 PM

Four EU countries push to revive plans to use frozen Russian assets for Ukraine

Belgium's conditions for using frozen Russian assets are returning to the EU agenda through an initiative planned by Sweden, the Netherlands, Poland and Spain.

Knack reported that the four countries plan to send a joint letter to the European Commission this week. The letter will call for efforts to resume work on using frozen assets belonging to the Central Bank of Russia to finance Ukraine.

Belgium calls for risks to be shared

The debate over using Russian assets frozen under EU sanctions has gained renewed prominence since the Russia-Ukraine war began in February 2022. A significant portion of these assets is held in accounts at the Belgium-based financial institution Euroclear.

Belgian Prime Minister Bart De Wever insists that the risks associated with using the €185 billion held at Euroclear as collateral for a loan to Ukraine be shared, that EU countries act jointly and that the arrangement have a clear legal basis.

Decision on €90 billion in joint funding for Ukraine

After Belgium could not be persuaded, EU countries decided to provide Ukraine with €90 billion through joint borrowing. The European Commission had previously been working on the idea of using the frozen Russian assets as collateral for a loan to be provided to Ukraine.

Ukrainian President Volodymyr Zelenskyy said this week that his country's defense budget could face a €23 billion shortfall and requested additional financial support.

Belgian Foreign Minister Maxime Prevot also reiterated during a visit to Kyiv last week that the legal and financial risks arising from the use of frozen assets must be shared among all EU countries.

Source: Anadolu Ajansı

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Four EU countries push to revive plans to use frozen Russian assets for Ukraine

Stay Updated with Ally Daily

Belgium calls for risks to be shared

Decision on €90 billion in joint funding for Ukraine

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