Ukraine urges EU to use frozen Russian assets to fund military needs
Photo: Ukrainian Minister of Finance Serhii Marchenko (Getty Images)
Ukraine has called on the European Union to use frozen Russian assets to cover the state's financial needs in 2027. This concerns a deficit that could reach $78 billion next year, states Ukrainian Minister of Finance Serhii Marchenko.
According to the minister, due to the continuation of the war, Ukraine is facing significant financial needs. If international partners do not increase their support, the funding deficit in 2027 could reach $78 billion.
Marchenko urged European partners to make a decision regarding frozen Russian assets.
"We need our friends, our European politicians, to be brave enough and to make some bold actions. Unfortunately, the war is longer, the war is harder, and we need to provide some resolution of frozen Russian assets or provide other means for us to survive," he said.
Separately, the option of transferring assets from the Belgian depository Euroclear to a custodian structure owned by the European Union itself was discussed.
Such a mechanism is being considered, among other things, to reduce risks for Belgium, where a significant portion of frozen Russian assets is held.
The Ukrainian side insists on finding a solution at the level of the entire EU that would allow these funds to be used to finance Ukraine's needs.
The Cabinet of Ministers also stated that frozen Russian assets should become one of the key sources for covering Ukraine's future financial needs.
Ukraine calls on its European partners to work on a centralized solution at the European Union level that will have a solid legal basis.
According to the European Commission, over 210 billion euros of Central Bank of Russia assets are currently immobilized in EU countries. The European Union is already using the extraordinary revenues generated from managing these assets to support Ukraine.
This month, the EU began assessing Ukraine's funding deficit amid calls to use frozen Russian assets.
