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.
115 Articles
115 Articles
The European Union has unveiled plans to use billions of euros in frozen Russian assets to help cover Ukraine’s war needs over the next two years. But Belgium is objecting after the announcement on Wednesday, arguing that the plan carries legal and financial risks that it fears it could end up taking on itself. European Commission President Ursula von der Leyen said Brussels would provide 90 billion euros ($105 billion) of Ukraine’s budget requi…
The European Commission wants to finance Ukraine with Russia’s financial assets frozen in the EU by the invasion. Belgium, where most of this money is deposited, some 185 billion, resists. It fears that subsequent Russian claims will force it to return huge amounts for its budget. And Moscow, for its part, adds fuel to the fire with high voltage threats: the Vice President of the Russian Security Council, former President Dmitri Medvédev, has wa…
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The plan to use frozen Russian goods is encountering more and more obstacles, but the alternatives are even more complicated
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