EU Discusses Using Frozen Russian Assets to Aid Ukraine

The European Union has not abandoned the idea of using frozen Russian assets to assist Ukraine, but the European Commission is not developing new options for transferring money to Kyiv. The Netherlands, Poland, Spain, and Sweden have urged the European Commission to reconsider this possibility, as Russia shows no signs of halting its aggression. In Belgium, where approximately 190 billion euros in frozen assets are held, there continues to be opposition to their transfer. Belgian Defense Minister Theo Francken stated that the country will not change its position. An EU official noted that discussions may intensify in October when talks begin on the new multiannual EU budget for 2028-2034, which proposes to allocate up to 100 billion euros for cooperation with Ukraine. Ukrainian President Volodymyr Zelensky reported a budget deficit of 27 billion dollars this year, which could be covered by frozen assets or by accelerating the disbursement of funds from the 90-billion-euro EU loan. However, EU officials are skeptical about the possibility of advance financing, as it could exacerbate the deficit in 2027. Discussions on financing Ukraine will take place on September 2 at a meeting of EU foreign ministers in Ireland.

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