EU Member States Push to Revive Use of Frozen Russian Assets for Ukraine
3 sources across 3 countries · Norway · Ukraine · United Kingdom
Who reported this
- Aftenposten
- Kyiv Independent
- Financial Times
What the colours mean
- Left
- Centre-left
- Centre
- Centre-right
- Right
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Sweden, the Netherlands, Spain, and Poland are urging the European Union to reopen discussions on using frozen Russian financial assets to provide direct support to Ukraine. According to a draft letter seen by the Kyiv Independent and reported by the Financial Times, the countries are calling for the EU Commission to explore new legal and technical options to utilize the funds. The letter was expected to be sent on August 27, with a request for foreign ministers to discuss the matter at an informal meeting in Ireland on September 1 and 2.
Russia is estimated to have over 200 billion euros in financial assets frozen across Europe. While the EU already uses the interest from these assets to finance a loan to Ukraine and has approved a separate 90 billion euro support loan, Swedish Foreign Minister Maria Malmer Stenergard stated that these measures are not enough to meet Kyiv's needs. The push comes as President Volodymyr Zelensky has called for more financial support by the end of the year.
Previous attempts to access the principal assets failed due to opposition from Belgium, where a large portion of the funds are held at the Euroclear securities settlement system. Belgian officials have expressed concerns regarding legal risks, potential lawsuits from Russia, and the impact on financial markets. The draft letter acknowledges these complexities and asks for solutions that ensure risks are shared among all EU member states so that no single country bears a disproportionate burden.
How each side framed it
- Centre
- These outlets focused on the specific diplomatic process, the contents of the draft letter, and the detailed financial needs of Ukraine.
- Centre-right
- This outlet emphasized the technical and legal obstacles posed by Belgium and the potential consequences for financial markets.
Sources
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