Brussels: Seven European Union leaders have urged EU institutions to move faster on a plan that could unlock frozen Russian assets to support Ukraine. The leaders of Estonia, Finland, Ireland, Latvia, Lithuania, Poland and Sweden sent a joint letter asking European Commission President Ursula von der Leyen and European Council President Charles Michel to speed up discussions and deliver a clear decision.
The leaders said helping Ukraine was both a moral duty and a matter of Europe’s long term security. They argued that frozen Russian assets held in Europe should be used as the basis for a reparations loan that would help Ukraine rebuild and continue resisting Russia’s invasion.
The European Commission has already presented two financing options for Ukraine for the coming years. One involves using frozen Russian government assets stored in the bloc as a guarantee for a major loan. The other option is a regular EU backed loan that does not rely on such assets. These proposals are aimed at keeping financial aid flowing to Ukraine in 2026 and 2027.
The debate has exposed divisions within the EU. Belgium, where a large share of frozen Russian central bank reserves is stored, has warned that using the assets could harm financial stability and investor confidence. Euroclear, a major financial company based in Belgium that holds most of the frozen funds, said the plan could be risky and complicated to implement.
Some Russian assets are also held in private banks in countries like France. That raises further legal challenges because private holdings are subject to different rules than government owned funds.
Several EU governments are still undecided or cautious, and legal experts in Brussels are examining ways to avoid breaking international financial law. Supporters of the plan argue that the assets should be treated as reparations for the damage caused by Russia’s war.
EU leaders are expected to discuss the issue again at a summit later this month. The talks are seen as urgent because Ukraine will need new financial support next year and the war continues with no clear end in sight.
The negotiations will continue in the coming days as European lawmakers try to overcome legal, financial and political concerns and find a united way to support Ukraine.