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Europe Reopens Russian Assets Debate

Ukraine’s worsening funding gap is reviving Europe’s unresolved debate over whether frozen Russian central bank assets should be used to finance Kyiv – despite major legal and financial risks.

Ukraine says it needs an additional €27 billion for defence in 2026, increasing pressure on European partners to find new funding

Around €210 billion in Russian central bank assets are frozen in the EU, with most held through Belgium-based Euroclear

Countries including the Netherlands, Poland, Spain and Sweden want to reopen discussions on using the assets, while Belgium continues to warn about legal and financial risks

Europe faces a strategic dilemma: using the assets could provide Ukraine with major new resources, but keeping them frozen preserves leverage over Moscow in future negotiations

Sources: EUobserver⁠, Reuters

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