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

Sweden, the Netherlands, Poland and Spain are expected to call for efforts to resume work on using frozen Russian Central Bank assets to finance Ukraine. The initiative comes as Belgium reiterates its demand that all European Union countries share the legal and financial risks.

Scraper SystemAugust 27, 2026, 12:12 PM

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

Sweden, the Netherlands, Poland and Spain are expected to send a joint letter to the European Commission this week calling for work to resume on using frozen Russian Central Bank assets to finance Ukraine.

Knack magazine reported that the initiative will revive the debate over using assets frozen under EU sanctions after the Russia-Ukraine war began in February 2022.

Most of the assets are held in Belgium

A significant portion of the Russian assets held in the European Union is kept in accounts at the Belgium-based financial institution Euroclear. Belgian Prime Minister Bart De Wever is setting conditions for using the 185 billion euros frozen at Euroclear in his country under the sanctions as collateral for a loan to Ukraine.

De Wever is calling for the risks to be shared, EU countries to act together and the legal basis for the arrangement to be clearly established before the step is taken.

The EU previously opted for joint borrowing

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

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

Belgian Foreign Minister Maxime Prévot 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 seek to revive plans to use frozen Russian assets for Ukraine

Stay Updated with The Turkiye Times

Most of the assets are held in Belgium

The EU previously opted for joint borrowing

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