Ukraine says there is growing interest among European allies in reopening discussions over how frozen Russian state assets could be used to support Kyiv as the war with Russia continues.
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A senior Ukrainian government official told Reuters that the issue gained fresh momentum following an informal meeting of European Union foreign ministers, where Ukraine’s financial and defence needs were discussed.
The European Union has immobilised about €210 billion ($245 billion) in Russian central bank assets since Russia launched its full-scale invasion of Ukraine in 2022. A large portion of the money is held through Euroclear, a Belgium-based securities depository, making Brussels particularly concerned about the legal and financial risks involved in any move to use the underlying assets.
Ukraine is facing significant financial pressure as the conflict continues. Officials say Kyiv expects a budget deficit of more than $32 billion in 2026, with a similar shortfall projected for 2027. The Ukrainian government is also seeking additional funding for defence spending as it continues to fight Russian forces.
Several EU countries, including the Netherlands, Poland, Spain and Sweden, have supported reopening the debate. The countries previously urged the European Commission to examine ways of using the frozen Russian assets to provide additional financial support to Ukraine.
However, the proposal remains controversial. Belgium has continued to raise concerns about possible legal action by Russia and the financial consequences that could follow. Ukrainian officials are therefore discussing ways of sharing the risks among EU member states rather than leaving countries where the assets are held to face the potential consequences alone.
Kyiv argues that Russia should ultimately bear the cost of the destruction caused by the war. Ukrainian officials have repeatedly called for the frozen assets to be used to help finance defence, reconstruction and other urgent needs.
The renewed discussions do not mean that the assets will immediately be transferred to Ukraine. Significant legal, political and financial questions still have to be resolved before EU governments could agree on how the funds should be used.
For Ukraine, however, the return of the issue to the centre of European discussions could provide an important source of financial support at a time when the country faces growing costs from the prolonged war.