The EU has not reached an agreement on using frozen Russian assets for Ukraine’s benefit.
Swedish Prime Minister Ulf Kristersson spoke about the discussions on the matter, Sky News reports.
He said Ukraine’s needs for next year are becoming increasingly clear, although there are no precise figures yet.
The head of the Swedish government stressed that all participants at the European Council meeting understand the need to find funding. At the same time, he noted that EU leaders at the meeting raised the issue of using frozen Russian assets, but the legal obstacles to such a decision remain unchanged.
Kristersson concluded that, in the short term, money to support Ukraine must come from other sources rather than from frozen Russian assets.
- At the European Council meeting, the Ukrainian President said that in 2027 the cost of the war will rise to €155bn, meaning Ukraine’s need for financial assistance will reach €70bn. Therefore, there is a need to consider using frozen Russian assets.
- Zelenskyy suggested, as one option, creating a special depository under EU control to reduce the risk of these assets being “unfrozen”.
- Earlier this month, EU foreign policy chief Kaja Kallas said the European Union views frozen Russian assets as one of the most logical ways to cover Ukraine’s funding shortfall next year.
- The Parliamentary Assembly of the Council of Europe proposed directing these assets towards compensation for Ukraine and Ukrainian victims after the European Court of Human Rights issues rulings in inter-state cases.
- Earlier, Sweden, Poland, the Netherlands and Spain, at the level of foreign ministers, appealed to the European Commission to consider new options for using frozen Russian assets for the benefit of our country.
- The governments of the four countries propose sharing the financial and legal risks associated with transferring funds to Ukraine evenly among all EU members.
- Foreign ministers stress that the €90bn loan agreed by the EU will be insufficient, as the cost of the war continues to rise due to Russian attacks, and there are still no signs that Moscow is ready to end its aggression. Using Russian assets would not only be a means of putting pressure on the Kremlin, but also a way to reduce the burden on European taxpayers.
- Meanwhile, Belgium does not rule out using frozen Russian assets for Ukraine’s benefit. However, this would require other EU countries to jointly assume the legal, financial and systemic risks of such a decision.