MEPs push to use frozen Russian assets to support Ukraine
Lawmakers say a new EU structure could unlock about €200 billion in frozen Russian reserves without direct confiscation.
- More than 100 MEPs urged European Union leaders on Wednesday to reopen talks on using frozen Russian assets to support Ukraine, citing Kyiv's €23 billion defence funding shortfall.
- Previous attempts to unlock funds collapsed at a Brussels summit due to legal concerns held by Belgium, where Prime Minister Bart De Wever feared litigation risks as Belgium hosts Euroclear, the assets' primary custodian.
- The MEPs' letter suggests "transferring the assets into a new EU instrument that would assume the legal obligations towards Russia." The estimated cost of Russian destruction already exceeds €600 billion.
- Addressed to European Commission President Ursula Leyen, Kaja Kallas, Commissioner for Economy Valdis Dombrovskis, European Council President António Costa, and Irish Taoiseach Micheál Martin, the letter demands a new proposal to overcome member state objections.
- Despite a €90 billion loan approved by the European Union earlier this year, MEPs argue it remains insufficient, while countries including Italy, Bulgaria and Malta continue to express concerns regarding the immobilised assets.
46 Articles
46 Articles
The option of using Russian frozen funds is put back on the table in the face of tensions over the negotiation of the next European multi-annual budget. It is proposed as a solution to transfer Belgium’s assets to an EU jurisdiction to share risks in the event of a complaint by the Russian authoritiesWhy Putin has primed himself with Ukraine in his bombings against Kiev Negotiations for the next European multi-annual budget, covering the period …
EU lawmakers urge transfer of frozen Russian assets to Ukraine
The European Union should transfer frozen Russian assets to Ukraine now and assume the legal risks collectively, Austrian Member of the European Parliament Helmut Brandstätter said during a recording of the Ukrainian podcast Vas vyklykaye Bryussel on Thursday, September 10. Brandstätter, a member of the Renew Europe group, is taking part in an initiative to create a new mechanism for using Russian assets. "We’re talking about roughly 210 billion…
Commission says immediate priority is assessing Kyiv's financing needs before considering possible tools
About 210 billion euros of Russian central bank funds are frozen in EU countries, most of them in Belgium. The intention is to use these funds to support Ukraine, but Belgium is opposed to this, fearing legal and financial consequences. According to Euronews, the EU is looking for a way to move the stalled discussions forward. One of the proposals is to transfer the administration of these assets to an EU-controlled institution.
The European Commission resumes its work on finding legally sound ways of accessing frozen Russian assets for transfer to Ukraine and reports on Friday Financial Times (FT).
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