EU Countries Push for Use of Frozen Russian Assets for Ukraine
Four European Union countries are calling for a renewed effort to use frozen Russian assets to support Ukraine's budget and military needs. The Netherlands, Poland, Spain, and Sweden sent a letter to European Commission foreign policy chief Kaja Kallas and Irish Foreign Minister Helen McEntee on August 27. The letter highlights the urgent need to address Ukraine's financial challenges before upcoming elections in several EU member states.
The EU currently holds about €210 billion in frozen Russian assets, mostly in Belgium. The letter states, "We believe now is the time to revert to the issue of how we can make further use of Russia's immobilized assets for the benefit of Ukraine." This appeal comes as Ukraine faces a €23 billion funding gap for defense, according to President Volodymyr Zelenskyy.
Earlier this year, the EU approved a €90 billion support loan for Ukraine. However, ongoing financial pressures have led member states to look for alternative funding sources. The four countries want to restart discussions on the frozen assets before a meeting of foreign ministers in Wicklow, Ireland, next week. A spokesperson for the European Commission said it is ready to help in this context and will review the letter carefully.
The push to access frozen Russian assets could affect discussions about EU funding for Ukraine. This may impact financial markets that are sensitive to geopolitical events. Investors will be watching for the outcome of the upcoming informal meeting of foreign ministers in Ireland, where this issue is expected to be a key topic.
Based on reporting by: euronews.com, politico.eu