US EditionEU proposes using frozen Russian assets or borrowing to give Ukraine 90 bln euros
The European Commission aims to cover two-thirds of Ukraine’s 2026-27 financial needs with a €90 billion loan from frozen Russian assets, despite Belgian opposition and legal concerns.
- On December 3, 2025 the European Commission proposed raising 90 billion euros for Ukraine with two financing options: joint borrowing or using frozen Russian assets.
- Facing a mid-2026 cash crunch, Ukraine needs roughly 135 billion euros, with the European Commission proposing to cover two-thirds while partners cover the remainder.
- Structurally, the proposal would convert immobilised Russian central bank assets into a reparations loan that Ukraine repays only if Russia pays reparations, with the Commission framing it as a loan not confiscation.
- Belgium immediately rejected the scheme, saying it faces legal and financial risks and demands guarantees that EU countries cover Russian lawsuit costs, while Moscow condemned the plan ahead of the EU leaders summit on December 18.
- Procedurally, the Commission says the frozen-assets plan could pass with 15 of 27 EU member states representing 65%, while borrowing would need unanimity and face opposition from Hungary; officials cite up to 210 billion euros of immobilised assets across the EU.
173 Articles
173 Articles
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Evening Standard
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The loan avoids the EU having to use frozen Russian assets.
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