Ukraine Is Looking for Ways to Use Russia's Frozen Assets — Politico
Ukraine has stepped up negotiations with the EU regarding frozen Russian assets amid a significant state budget deficit. Ukrainian diplomats are seeking new mechanisms to access funds held in European banks.
Ukraine wants European countries to resume discussions on Russia’s frozen state assets. Partial payments and broader guarantees could help break the deadlock with Belgium, which vetoed this plan in December 2025.
Ukrainian Deputy Prime Minister Vsevolod Chentsov stated that the country is discussing several options with its European partners to cover shortfalls in its:
- defense,
- civil budgets.
According to him, in addition to part of the EU’s 90-billion-euro loan to Ukraine, there are other solutions.
“We are also exploring opportunities within the EU and proposing, in particular, the idea of frozen assets,” Chentsov said on Friday on the sidelines of an informal meeting of European affairs ministers in Dublin.
This issue returned to the EU agenda after several EU members called on the European Commission to explore “new options” for unfreezing Russian assets.
These countries include:
- the Netherlands,
- Poland,
- Spain,
- Sweden.
More than 200 billion euros in assets belonging to Russian central banks have been frozen throughout the EU. Most of these assets are held at the Belgian financial depository Euroclear.
The Belgian government has rejected proposals to use these funds, citing potential legal and financial risks.
“The EU and Ukraine ‘need to consider other options, take into account, say, different figures as a first step,’ to secure the release of at least a portion of Russian assets,” Centsov said in response to the publication’s question about how Belgium might change its mind.
The diplomat believes that not only the EU but also other players could step in and help address Belgium’s concerns.
“I am confident that if we want to find a solution, we will find one,” he added.
But Belgium has so far stated that its position remains unchanged, says a spokesperson for Belgian Foreign Minister Maxime Prévot.
Source: Politico
As a reminder, Belgium has categorically refused to transfer Russia’s frozen assets to Ukraine.
Ukrainian Foreign Minister Andriy Sybiga expressed his gratitude to the foreign ministers of Sweden, Poland, the Netherlands, and Spain for their joint initiative. This refers to a letter to the European Commission calling for the use of frozen Russian assets to benefit Ukraine.
