Ukraine renews push for Russia’s frozen assets

Ukraine is renewing its efforts to persuade European countries to consider using frozen Russian state assets to help finance its ongoing defense and civilian needs. The push comes as Kyiv faces a significant budget shortfall, with the full-scale invasion now in its fifth year. Ukrainian Deputy Prime Minister Vsevolod Chentsov indicated that discussions are underway with European partners regarding various options, including the potential use of these immobilized funds.

Chentsov suggested that a partial disbursement of the assets, coupled with broader guarantees, could help break the deadlock that previously led to Belgium vetoing such a plan in December. He described the idea as a "smart way to generate money and cover the debt." The call for exploring new options to unlock these assets was echoed last month by the Netherlands, Poland, Spain, and Sweden.

More than €200 billion in Russian central bank assets are currently immobilized across the EU, with the majority held by the Belgian-based financial depository Euroclear. However, the Belgian government has consistently resisted these proposals, citing concerns about potential Russian retaliation and legal challenges.

Despite Belgium's unchanged stance, Ukraine is hopeful that by proposing different initial figures and seeking guarantees from other international players, a solution can be found. The European Commission, meanwhile, stated that its current focus remains on disbursing the €90 billion loan allocated for Ukraine.