“Ministers recognized the urgent need to address Ukraine’s financing gap and to hold Russia accountable for the damages caused by its war,” Kaja Kallas said after talks with EU foreign ministers in Copenhagen. “To achieve this, it is essential that we explore all available options,” the EU’s high representative for foreign affairs added.
Since Russia’s invasion of Ukraine in 2022, the EU has frozen around €200 billion in Russian central bank assets, most of which are held at the Euroclear international depository in Belgium. Last year, the EU, together with its G7 partners, used the interest accrued on these assets to secure a $50 billion loan for Ukraine, which is still being disbursed in installments.
However, Belgium strongly opposes the further use of these assets, fearing it could be held liable for any resulting losses. The Belgian government has argued that “a change in investment strategy is out of the question, as it would increase legal, financial, and judicial risks.”
Kallas acknowledged that, due to Belgium’s resistance, there is unlikely to be any progress on the issue in the near future. However, she emphasized that the EU has a clear stance. “Given the destruction that Russia has caused and continues to cause in Ukraine, it is inconceivable that Russia will ever regain this money unless it fully compensates Ukraine for the damage it has caused,” she stated.
Commenting on the foreign ministerial, Hungarian Foreign Minister Péter Szijjártó said on X “the EU Commission once again acted as a Ukrainian Commission, serving Kyiv’s interests over those of member states.” Szijjártó highlighted that the Commission continues to “completely ignore Hungarians in Transcarpathia and our energy security, still refusing to answer the joint letter we sent with Slovakia on Ukraine endangering our supply route.”
