Four EU nations pressure Brussels over frozen Russian assets — FT
Photo: European Commission President Ursula von der Leyen (Getty Images)
Four EU countries have called on the European Commission to resume work on transferring Russia’s frozen assets to Ukraine. Efforts are underway to find legal ways to circumvent Belgium's blocking of this decision, according to the Financial Times.
A coalition of countries, including Sweden, the Netherlands, Spain, and Poland, has drafted a joint letter to the European Commission. The document calls for urgent technical and legal work to be carried out in order to make use of over 200 billion euros in frozen Russian funds to cover Kyiv's budgetary needs.
Swedish Foreign Minister Maria Malmer Stenergard emphasizes that it is time to launch a new discussion on the use of Russian funds.
She stated that the €90 billion loan secured from the EU is clearly no longer sufficient to cover Ukraine's expenses amid the ongoing war. Specifically, this amount covers only two-thirds of Kyiv's financial needs through the end of 2027.
Attempt to bypass Belgian veto
Last winter, an initiative to use Russia's sovereign assets failed due to the position of Belgium, where the majority of these funds are held. Officials in Brussels still fear legal retaliation from Moscow and warn of risks to the stability of global financial markets.
However, European partners are demanding that the European Commission develop alternative mechanisms to circumvent the Belgian veto. A new wave of debate over Russia's frozen assets is unfolding amid discussions on the European Union's next seven-year joint budget.
Recently, Latvian Prime Minister Andris Kulbergs stated that EU countries should not have to bear the costs of Russian aggression on their own. He noted that, instead, Russia's frozen assets should be used for this purpose.
Belgium previously stated its willingness to consider using frozen Russian assets to benefit Ukraine. At the same time, it insisted that EU countries first agree on a mechanism for sharing legal and financial risks.
Brussels fears that if it becomes necessary to return over 200 billion euros to Russia, Belgium will not have sufficient resources to cover such costs on its own. However, the country is not opposed to directing these funds toward supporting Ukraine.
