Ukraine pushes EU and UK to use frozen Russian assets for defence

Summarised from 2 outlets · 3 reports · Updated 13 Oct, 13:20 · Archive

Ukraine's foreign minister urges Europe to unlock frozen Russian central bank reserves to fund Kyiv's defence against Russia's military spending surge.

Ukraine's Foreign Minister Andrii Sybiha is pressing the EU and Britain to use frozen Russian central bank reserves to fund Ukraine's defence and recovery. Russia plans to spend €180 billion on its military in 2027, more than 40 per cent above 2026 levels, and has allocated €669 billion combined to defence and security for 2027–2029, Sybiha said, arguing this demonstrates Moscow's commitment to prolonging the war.

The G7 immobilized roughly €300 billion in Russian central bank reserves in 2022, with around €210 billion held in the EU, mostly at Belgian financial depository Euroclear. Belgium, backed by Italy, has previously rejected an EU proposal to use these assets to back a loan for Ukraine, citing legal and financial risks and fears of Russian retaliation. However, Sweden, the Netherlands, Poland and Spain have urged the European Commission to reopen discussions and find ways past Belgium's objections.

Sybiha argued that using the assets would counter claims from Europe's far right and far left that European taxpayers are footing the bill for the war, reassuring 'skeptical audiences' ahead of major elections in countries including France and Italy in 2027. He proposed placing the assets under collective EU control to address Belgian concerns about liability. Britain's Foreign Secretary Ed Miliband said the UK and EU could 'revisit' plans to use the full value of these assets rather than just profits and interest accrued on them, speaking at the Warsaw Security Forum.

How it is being reported

• Ed Miliband says Britain could 'revisit' plans to fund Ukraine's fightback with Russian assetsThe Foreign Secretary claimed the EU and Britain could revisit plans to use the full value of frozen Russian assets, rather than just the profits and interest accrued on themThe Mirror · 13 Oct, 12:56
• Use Russian assets to blunt voter backlash over funding Ukraine, Kyiv saysEU should put Moscow’s money to work for Kyiv and show voters that Russia is paying for the war, Ukraine’s foreign minister says.Politico Europe · 12 Oct, 13:52
• Ukraine’s FM: Russia’s war budget makes the case for using frozen assets nowThe aggressor has put a number on its intentions. Europe should turn Moscow’s reserves into Kyiv’s defense — collectively, lawfully and now.Politico Europe · 12 Oct, 12:18

In this story: Andrii Sybiha · Ed Miliband · Ukraine · Russia · European Union · Belgium · G7

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