Last year, the European Commission proposed using approximately 200 billion euros in Russian assets held by the Russian central bank and frozen within the EU, primarily through Euroclear in Brussels, to fund a 90 billion-euro “recovery” for Ukraine. Following strong opposition from Belgium, which feared legal and economic repercussions, the heads of state and government agreed at the European summit on 18 December to raise funds on the markets to offer Ukraine an interest-free loan instead.

In a letter addressed among others to the EU High Representative for Foreign Affairs, Kaja Kallas, and Irish Foreign Minister Helen McEntee (Ireland is currently the president of the Council, ed.), the Netherlands, Sweden, Spain, and Poland now state that it is time to “return to the question of how we can further utilise Russian assets for Ukraine”.

The call comes ahead of the informal Foreign Affairs Council next week in Ireland. An EU official had earlier confirmed that disagreements among member states persist regarding the use of these assets and that there is little appetite to revisit the issue.

Belgian Foreign minister Maxime Prévot said last week, during a visit to Ukraine, that he is not fundamentally opposed to using the funds to assist Ukraine, but that a “robust approach respecting principles and limiting risks” must be found. “Otherwise, Belgium will maintain its cautious stance,” he added.

Similarly, the Netherlands, Sweden, Spain, and Poland recognise that the issue is complex. They are calling on European Commission experts to explore “new options” that “ensure the risk is borne by all EU member states and that no single member state bears a disproportionate burden”.

The European Commission had not yet received the letter on Thursday afternoon. A spokesperson indicated that the issue of Russian assets has never been taken off the agenda. “The European Council on 18 December called on the Council and Parliament to continue examining the legal and technical aspects of a potential recovery based on the immobilised Russian assets,” he added. “If the matter is brought up again, we will consider it,” said the Commission president Ursula von der Leyen’s spokesperson.

The initial translation of this content was generated by AI. All facts, context, and language have subsequently been verified and validated by a human editorial team.
Read more