Zelenskyy to take part in European Council meeting on use of frozen Russian assets for Ukraine
Photo: President of the European Council António Costa (Getty Images)
On Thursday, October 23, a meeting of the European Council will take place in Brussels. The agenda includes the use of frozen Russian assets to provide financial assistance to Ukraine for the coming years.
This was stated by European Council President António Costa, according to a statement published on the Council’s official website.
The head of the European Council noted that Russia continues its relentless attacks on Ukraine’s civilian population and infrastructure.
Given the situation, the upcoming meeting will focus on strengthening EU support for Ukraine, including reaffirming the bloc’s readiness to provide financial assistance to the country for the coming years. Possible options for using frozen Russian assets will also be discussed.
At the start of the session, participants will hear from Ukrainian President Volodymyr Zelenskyy.
"Russia is paying a high and mounting economic price for its aggression and we will take stock of our efforts to further increase the pressure on it. Both support for Ukraine and pressure on Russia remain the two necessary requirements to achieve a just and lasting peace," Costa’s statement reads.
In addition to Ukraine, the European Council will address the EU’s roadmap for strengthening defense readiness by 2030, the economic outlook for the eurozone, and EU support for Gaza’s reconstruction following the end of hostilities in the region.
Frozen Russian assets for Ukraine
Since the start of Russia’s full-scale invasion, Western nations have imposed sweeping sanctions, including the freezing of Russian assets abroad.
According to IMF estimates, the value of these assets in 2024–2025 exceeds $300 billion to $350 billion.
One proposed mechanism involves the EU using the assets as a so-called "reparations loan" for Ukraine, with repayment to occur only once compensation from Russia is received.
On October 1, the Group of Seven (G7) held a virtual summit to discuss ways of using frozen Russian assets in support of Ukraine.
