EU eyes reviving talks on giving frozen Russian assets to Ukraine
Photo: The Netherlands resumes its fight for frozen Russian assets amid a new wave of skepticism (Getty Images)
The Netherlands is trying to reignite a discussion within the EU on how to transfer up to 210 billion euros in frozen Russian assets to Ukraine to fund its defense in 2026, according to Politico.
What’s happening
Dutch Finance Minister Eelco Heinen held closed-door talks in Brussels on Tuesday, where he tried to convince his EU colleagues to support this initiative.
The issue concerns Russia’s frozen state assets held in accounts across Europe. The Netherlands wants these funds to be used to support Ukraine.
Why issue resurfaced
This topic already sparked a heated debate in late 2024. At that time, Belgian Prime Minister Bart De Wever clashed with the European Commission over fears that Belgium might be forced to return billions held in Brussels if Russia challenged them in court.
The problem remains today: several countries still express doubts.
Who is opposed
Bulgaria, France, Italy, and Malta have previously opposed the European Commission’s proposal to use these funds for Ukraine.
Separately, the European Central Bank has repeatedly warned that if the frozen assets are confiscated, other countries may refuse to keep their money in the eurozone, which would undermine confidence in the euro.
In April, it was reported that the EU would transfer 1.4 billion euros to Ukraine, which are the earnings accumulated in the frozen accounts of the Central Bank of Russia for the second half of 2025. This is already the fourth such tranche.
At the same time, Estonian Prime Minister Kristen Michal proposed a different approach, to impose tariffs on Russian goods in the EU, specifically steel and fertilizers, and direct those funds toward Ukraine’s reconstruction.
