The Netherlands is seeking to resume talks on using €210 billion in frozen Russian assets to help Ukraine continue its defense next year.
Politico reports this, citing sources among EU diplomats.
Dutch Finance Minister Eelko Geinen discussed the idea with EU colleagues on May 5 during a closed-door discussion in Brussels.
The resumption of the Russian assets debate could reopen a complex legal, economic and political dispute that has already erupted before, with Belgium expressing concern that it would be forced to pay billions in compensation if Russia tried to return funds held in Brusselsʼ Euroclear depository.
Bulgaria, France, Italy and Malta also expressed doubts. The European Central Bank warned that using frozen assets could deter other countries from financial transactions in the Eurozone.
Heinenʼs initiative comes despite the EU still not having used a single euro from a €90 billion loan package agreed in December for Ukraine, which is expected to cover about two-thirds of Ukraineʼs budget deficit by 2027.
The European Commission is simultaneously trying to attract Canada, the United Kingdom, the United States, and Japan to finance the remaining needs of Ukraine. However, it is unknown whether the administration of the US President Donald Trump will provide additional funds.
Frozen Russian assets
The value of frozen Russian sovereign assets in the EU is almost €211 billion. In total, the European Union, the G7 countries and Australia have frozen approximately €260 billion in securities and cash.
In October 2024, the EU Council finally approved a loan of up to €35 billion to Ukraine. The money is the blocʼs contribution to a G7 initiative to provide Ukraine with a $50 billion (€45 billion) loan, to be repaid with the proceeds from frozen Russian assets. The US contributed $20 billion (€18 billion) to the initiative.
The funds are being transferred “through various channels” — both to replenish the Ukrainian budget, and for military assistance and the restoration of Ukraine’s infrastructure. Reuters notes that Ukraine will receive all the money under the loan by the end of 2027.
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