EU countries urging European Commission to revive efforts to use Russian assets for Ukraine – FT
A coalition of EU member states is urging the European Commission to resume efforts to use frozen Russian sovereign assets to help finance Ukraine.
The Financial Times has reported that EU countries are urging the European Commission to revive efforts to utilize Russian assets frozen under sanctions for Ukraine's benefit, according to sources familiar with the matter. Plans to finance Ukraine with over €200 billion in Russian central bank assets were halted last winter when Belgium, the primary holder of the assets, blocked the initiative.
A coalition of EU member states, comprising Sweden, the Netherlands, Spain, and Poland, will send a letter to the European Commission on Thursday, August 27, seeking the resumption of work on the proposal. The letter aims to clarify whether any progress has been made in establishing alternative legal and technical frameworks that could bypass Belgium's veto.
Swedish Foreign Minister Maria Malmer Stenergard emphasized the importance of this matter, stating, "Now is the time to start a new discussion about how we can make further use of Russia’s frozen assets for Ukraine’s, and our, benefit. This is the fair and smart way to ensure Ukraine can defend itself and all of Europe." Ukrainian Foreign Minister Andrii Sybiha echoed these sentiments during a joint press conference in Kyiv with Belgium's Deputy Prime Minister and Minister of Foreign Affairs, Maxime Prévot, highlighting Ukraine's long-standing plea for the EU to employ the frozen Russian assets to bolster its defense against Russia.
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