Use Russian assets to curb voter backlash over funding Ukraine, Kyiv says
EU should put Moscow’s money to work for Kyiv and show voters that Russia is paying for the war, Ukraine’s foreign minister says.
Ukraine's Foreign Minister, Andrii Sybiha, has called on the EU to utilize frozen Russian assets to support Kyiv's defense, in an effort to counter far-right and far-left claims that Europe is funding the conflict. Sybiha argued that Russia, not European taxpayers, should bear the financial burden of the damage caused by its actions.
He suggested that using these assets would appease "skeptical audiences across Europe" before major elections in countries like France and Italy in 2027, where political figures have expressed opposition to continued financial aid to Kyiv. In France, presidential frontrunner Marine Le Pen has vowed to end financial support to Ukraine, while in Italy, Roberto Vannacci, challenging Giorgia Meloni, opposes continued assistance for the war-torn nation.
Despite the G7 immobilizing approximately €300 billion in Russian central bank reserves in 2022, including around €210 billion in the EU, Belgium, supported by Italy, has rejected an EU proposal to use these funds to back a loan for Ukraine, citing legal and financial risks and concerns about potential Russian retaliation. Sybiha proposed a solution to address Belgium's concerns, suggesting Ukraine's finance ministry place the assets under collective EU control, distributing the decision-making and liability among member states.
He dismissed worries that using the reserves would harm the euro or lessen Europe's influence in future peace negotiations, emphasizing that the euro's strength lies in Europe's ability to uphold order and principles. Moreover, Sybiha dismissed the notion that Russian retaliation against Western companies would be a deterrent, pointing out that Moscow has already seized control of European business assets.
As Russia plans to allocate a record €180 billion to its military in 2027, more than 40% higher than its spending in 2026, Sybiha urged EU leaders to act this fall, warning that delaying action could prolong the war and increase the cost of defending Ukraine.
Written by urgent.news from Politico EU's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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