Four EU states urge Brussels to revive plan to use frozen Russian assets for Ukraine
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Sweden, the Netherlands, Spain and Poland have asked the European Commission to restart work on using frozen Russian central bank assets to fund Ukraine, according to the Financial Times. The four countries sent a letter requesting a progress report on alternative legal and technical mechanisms after Belgium blocked earlier efforts. The push comes as Ukraine says its defense budget faces a 23 billion euro gap this year.
Key Facts
- Sweden, the Netherlands, Spain and Poland sent a joint letter to the European Commission urging it to restart work on using frozen Russian central bank assets for Ukraine.
- About 190 billion euros of the 260 billion euros in frozen Russian sovereign assets are held at Euroclear in Belgium.
- In December 2025, EU countries agreed to continue work on the issue but have received no updates since then.
- Kremlin spokesman Dmitry Peskov said Russia will use all legal means to protect its interests if its frozen assets are seized.
- Ukraine's President Volodymyr Zelensky said this week that the country's defense budget could face a 23 billion euro gap this year.
The Joint Letter
Sweden, the Netherlands, Spain and Poland sent a joint letter to the European Commission this week, according to the Financial Times and Belgian magazine Knack. The letter calls for restarting work on using frozen Russian central bank assets to finance Ukraine and requests a progress report on alternative legal and technical mechanisms. Swedish Foreign Minister Maria Malmer Stenergard said it is time to start a new discussion on how frozen Russian assets can be used for the benefit of Ukraine and all of Europe. One EU official said no new proposal has been put forward that would not face the same political obstacles as in December, but that existing legal proposals could be refined and adjusted.
Frozen Assets and Euroclear
About 190 billion euros of the 260 billion euros in frozen Russian sovereign assets are held at Euroclear in Belgium. In December 2025, the EU approved an indefinite freeze of these funds until the end of the war, replacing the previous practice of regularly extending the freeze. Profits generated by Euroclear from managing the frozen assets have been directed to financing aid to Ukraine since 2024. Belgian Prime Minister Bart De Wever has insisted on risk-sharing, joint action and clear legal foundations before the assets can be used as collateral for loans to Ukraine.
Russia's Response
Kremlin spokesman Dmitry Peskov said Russia will use the full arsenal of legal means to protect its interests and pursue legal action against those who make and implement such decisions. Peskov said such actions would have legal consequences, according to Interfax. After Belgium could not be persuaded, EU countries decided to provide 90 billion euros to Ukraine through joint borrowing.
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Four EU states urge Brussels to revive plan to use frozen Russian assets for Ukraine
