Key facts
- Sweden, the Netherlands, Poland, and Spain are co-signatories on a letter to EU officials.
- The letter proposes using frozen Russian financial assets to directly support Ukraine.
- The EU has an estimated 200 billion euros in Russian assets frozen since the invasion.
- The proposal aims to address Ukraine's remaining budgetary needs beyond current EU loans.
- The letter acknowledges legal and risk-sharing concerns previously raised by member states like Belgium.
Sweden is pushing the European Union to reconsider the use of Russian financial assets frozen within the bloc as a direct means of supporting Ukraine. A draft of the letter, dated August 27 and seen by the Kyiv Independent, lists the foreign ministers of the Netherlands, Poland, and Spain as co-signatories alongside Sweden's Maria Malmer Stenergard. The letter is expected to be formally sent soon and requests that the issue be discussed at an informal meeting of EU foreign ministers in Ireland on September 1-2.
The draft emphasizes the need for "comprehensive, predictable, and structured financial support to Ukraine" and states that "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." While acknowledging the EU's April approval of a 90 billion euro support loan for Ukraine, the signatories point out that this funding will not be sufficient to cover Kyiv's total financial needs, which prompted President Volodymyr Zelensky to call for additional support.
Russia is estimated to hold over 200 billion euros in financial assets across Europe, frozen since its full-scale invasion. Directly utilizing these assets would alleviate the financial burden on EU taxpayers. The letter is addressed to high-ranking EU officials including Kaja Kallas, Valdis Dombrovskis, and Marta Kos, as well as Irish Foreign Minister Helen McEntee, given Ireland's current EU Council Presidency. Kallas has been a vocal proponent of using frozen assets, and Dombrovskis has previously indicated the issue would need revisiting.
Previous attempts to utilize these assets have faced obstacles, notably from Belgium, which raised concerns about insufficient risk-sharing and potential legal repercussions from Russia. The current letter acknowledges these complexities, seeking solutions that consider legitimate interests and ensure risks are shared equitably among all EU member states, avoiding disproportionate burdens. The main risks to consider are identified as managing financial and economic risks, and compliance with international law. The letter suggests that Belgium might be open to negotiation if its concerns are addressed, as indicated by Belgian Foreign Minister Maxime Prevot's recent remarks.