7 EU countries back use of frozen Russian assets to fund Ukraine aid
Leaders from Estonia, Finland, Ireland, Latvia, Lithuania, Poland, Sweden tell EU leadership that reparations loan financed by frozen Russian cash is most 'feasible and realistic' option to boost Ukraine’s defense, budget
ISTANBUL
The leaders of seven EU member states have declared their support for using proceeds from frozen Russian assets to finance new financial assistance for Ukraine, according to a joint letter sent to European Commission President Ursula von der Leyen and European Council President Antonio Costa.
The letter, signed by the leaders of Estonia, Finland, Ireland, Latvia, Lithuania, Poland, and Sweden on Sunday, stressed that Europe has stood firmly by Ukraine since the start of the Moscow-Kyiv war in 2022, both on moral grounds and because “Russia’s imperialistic ambitions threaten European security beyond Ukraine.”
The leaders stressed that Ukraine is also fighting for Europe's freedom and values, and called for a long-term assistance package that would strengthen Kyiv’s ability to defend itself.
Citing the scale and urgency of Ukraine’s budgetary and military needs, the leaders voiced strong backing for the European Commission’s proposal to create a reparations loan funded by the cash balances generated from immobilized Russian assets held in the EU.
They described the option as “financially feasible and politically realistic,” adding that it upholds the principle of Ukraine’s right to compensation for damage caused by Russian aggression.
“Time is of the essence,” the leaders wrote, urging EU heads of state and government to reach an agreement at the European Council summit this month.
A decision, they said, would place Ukraine “in a stronger position to defend itself and in a better position to negotiate a just and lasting peace.”
Earlier, Belgian Prime Minister Bart De Wever warned in a letter to von der Leyen that the plan is “fundamentally flawed” and risks violating international law.
He cautioned that Moscow could retaliate against Euroclear and Belgium specifically, and argued that the frozen assets may be needed as leverage in future peace negotiations.
Moscow has repeatedly denounced the initiative as "stealing," insisting that any attempt to use frozen Russian assets violates international law.
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