Ukraine’s President Volodymyr Zelensky has made an urgent appeal to the European Union, urging them to support a plan to utilize frozen Russian assets. The aim is to unlock billions of euros to aid in funding Ukraine’s defense.
As EU leaders convened in Brussels, Zelensky expressed his hope for a positive decision regarding the approximately €140 billion ($122 billion) in Russian assets currently held by a Belgian clearing house. This move is intended to supplement the existing sanctions imposed on Russia, with the latest round targeting the Kremlin’s oil revenues, following similar measures by the United States.
The US sanctions, the first of their kind under President Donald Trump against Russia’s oil sector, signal growing frustration with President Vladimir Putin’s continued refusal to end the conflict. Earlier reports indicated that a planned meeting between President Trump and Putin in Budapest had been indefinitely postponed, with President Trump noting that discussions with Putin had not yielded concrete results.
European ministers are actively engaged in discussions about repurposing frozen Russian funds into a “reparations loan” for Ukraine. President Zelensky, present at the summit, emphasized, “Russia brought war to our land, and they have to pay for this war.”
The utilization of these frozen assets faces legal challenges. Belgium, in particular, has expressed reservations about endorsing the plan due to concerns over potential legal repercussions if Russia were to challenge the clearing house, Euroclear. However, EU foreign policy chief Kaja Kallas acknowledged the complexities but stressed the core principle: “The fundamental message is Russia is responsible for the damages in Ukraine and has to pay.”
Russia has voiced strong opposition to the proposal, with foreign ministry spokeswoman Maria Zakharova stating that “Any confiscatory initiatives from Brussels will inevitably result in a painful response.” The EU’s recent sanctions also include measures against three Chinese businesses involved in the Russian oil trade, aimed at curbing Russia’s ability to finance the war.