The Netherlands, Poland, Spain and Sweden wrote the European Commission on Wedneday urging it to kickstart a stalled plan to use Russian assets frozen in Europe’s banks and clearing houses to plug a $26.8 billion gap in Ukraine’s defense funding. File photo by Patrick Seeger/EPA-EFE

Aug. 27 (UPI) — The Netherlands, Poland, Spain and Sweden wrote the European Commission urging it to kickstart a stalled plan to use Russian assets frozen in Europe’s banks and clearing houses to plug a $26.8 billion gap in Ukraine’s defense funding.

The letter to the EU’s top foreign policy chief on Thursday calling for another look at ways to tap into the $244.5 billion of assets came ahead of an informal meeting of foreign ministers being hosted by Ireland on Sept. 1-2, according to Politico, The Kyiv Independent and The Financial Times.

“Ukraine needs more financial support in both the short and long term. We believe now is the time to revert to the issue of how we can make further use of Russia’s immobilized assets for the benefit of Ukraine,” reads the letter, which was addessed to Kaja Kallas and Irish Foreign Minister Helen McEntee.

The call comes three months after the Netherlands raised the issue at a closed-door meeting of the Economic and Financial Affairs Council, arguing that a deal agreed in December for a conditional $105 billion loan over 18 months, would not be enough to keep Ukraine afloat for long.

Efforts back then to leverage frozen Russian assets — the largest portion of which are held in Belgium — were sidelined amid objections from the Belgian government and other EU member states.

The so-called “reparations loan” option, where the assets would be used as surety in the event Russia failed to pay war reparations to Ukraine required to recoup the loan, lacked the votes for the required two-thirds majority of EU states.

What the bloc ultimately finalized in April, was a back-up proposal under which the EU would use its budget to borrow in the international debt markets — with skeptics Hungary, Slovakia and the Czech Republic backing the measure only on condition they would not be on the hook financially.

Wednesday’s letter acknowledges the complexity of the issue but urges policy experts in Brussels to look at alternate solutions that “ensure that the risk rests with all EU Member States and where no Member State holds a disproportionate burden.”

“Now is the time to start a new discussion about how we can make further use of Russia’s frozen assets for Ukraine’s, and our, benefit,” Swedish Foreign Minister Maria Malmer Stenergard told the Financial Times.

Four people claiming familiarity with the letter said it requested the commission revist the issue of the frozen assets and sought an uddate on the formulation of legal and technical tools to get around the veto wielded by Belgium.

Last time around, Belgian Prime Minister Bart De Wever said his opposition was due to Russian legal and economic threats against Belgium, and him personally, and that he needed guarantees that other EU states would share the risks Belgium could be exposed to.

A person familiar with the matter said the Belgian government’s concerns over possible retaliation through the courts and erosion of trust financial markets had not diminished.

In a speech Monday, Ukrainian President Volodymyr Zelensky urged the EU to accelerate the pace of loan tranche transfers, saying that even with the money the country was facing a $26.8 deficit in 2026.

That prompted the EU to point to an additional $25.7 billion already approved, $16.8 billion of which had been provided, and call on other Western partners to follow its lead.

Martin Luther King Jr. delivers his famed “I Have a Dream” speech from the steps of the Lincoln Memorial in Washington on August 28, 1963. The speech galvanized the nation’s civil rights movements and led to the passage of the 1964 Civil Rights Act, the 1965 Voting Rights Act and the 1968 Fair Housing Act. File photo by UPI | License Photo