EU Reconsiders Proposal to Use Frozen Russian Reserves to Aid Ukraine

A number of European Union countries are pressuring Brussels to revive the initiative to make blocked Russian sovereign assets available to Ukraine.

According to reports by the Financial Times, Sweden, the Netherlands, Spain and Poland are leading the call and have approached the European Commission to resume examining the scheme.

More than €200 billion belonging to the Russian Central Bank is immobilized within the EU, having been blocked as a punitive measure against Moscow following the start of its aggression in Ukraine. The overwhelming majority of this capital is held in Belgian financial institutions.

Belgian authorities have voiced strong reservations about the idea of directly confiscating these funds for Ukraine, citing potential legal and financial complications. Despite this, a coalition of member states is calling for the European Commission to reassess the situation, requesting greater clarity on the legal and technical avenues that could circumvent the obstacles raised by Belgium.

This sensitive issue is expected to take center stage in upcoming European Union debates on financial assistance for Kyiv.

Moscow, for its part, has strongly condemned any attempt to use its assets, warning that it will employ every legal mechanism at its disposal to prevent such a move.