Western leaders rarely show decisiveness and determination in the face of geopolitical problems. They are more likely to respond symbolically – expressing deep concern without the courage to intervene.
However, there were exceptions. There have been several times in recent history that Western leaders have truly risen to the occasion. Such a situation occurred, for example, in March 2022 – Western governments then intervened decisively. They blocked most Russian state assets (RSAs) held outside Russia.
They froze about $300 billion. (PLN 1.1 trillion), most of which was located in countries within the European Union, mainly in Belgium (Euroclear). These measures have been blocked in all EU countries. Thanks to the bipartisan leadership of the United States Congress, the President of the United States has the additional authority to seize, confiscate and transferring all Russian state assets under US jurisdiction to aid Ukraine.
An equally important decision – and one with consequences for Ukraine – was made by Western politicians in June 2024 during the G7 leaders' summit.
They then agreed to grant it a loan of USD 50 billion. (PLN 182 billion) under the Extraordinary Revenue Acceleration (ERA) program – it is secured by income generated by frozen Russian assets. This breakthrough step required a number of commitments and guarantees from individual countries, including primarily the United States, which helped initiate this initiative.
The ball is in the West's court
Most of the ERA funds were transferred to Ukraine, which used them to support an economy devastated by the shock caused by Russian aggression. At the beginning of October 2025 these funds constituted the country's third largest source of external financingsecond only to funds obtained from the EU and the United States. Despite these efforts, the war continues – Ukraine urgently needs tens of billions of dollars to defend itself against Russia's relentless attacks and ensure its economic survival.
In 2022, Ukrainian President Volodymyr Zelensky suggested that the war resembled the Manichaean struggle depicted in “Star Wars.” He added that “light will overcome darkness.” Fast forward to September 2025, when US President Donald Trump seemed to agree that with European support, Ukrainians could indeed “fight and reclaim all of Ukraine in its original form.”
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However, Ukraine cannot achieve this victory without immediate, extensive financial assistance from Western allies. As Chrystia Freeland, former Canadian deputy prime minister and current representative for Ukraine's reconstruction, recently stated, the West “must work with Ukraine today, support it and its war economy, and lay the foundations for its future prosperity.”
Western leaders once again have the opportunity to take decisive action. Frozen Russian assets can meet Kiev's military and economic needs even without full legal confiscation. The first steps in this direction have already been taken. In her State of Europe speech last month, European Commission President Ursula von der Leyen called for the frozen cash held in Euroclear – around 170 billion euros (PLN 720 billion) – to be immediately made available to Ukraine in the form of a reparations loan alongside the next International Monetary Fund program for the country.
A historic moment
German Chancellor Friedrich Merz also recently supported the idea, proposing an “interest-free loan” secured by frozen Russian assets. It would be repaid “only after Russia compensates Ukraine for the damage caused during this war.” He emphasized that these newly mobilized funds will be enough to “secure Ukraine's defense capabilities for several years.”
Moreover, the President of the European Council, Antonio Costa, High Representative Kaja Kallas and Finnish Prime Minister Petteri Orpo supported this idea in the name of defending international law and norms. During a recent virtual meeting in Ottawa, G7 finance ministers said they were ready to develop “a range of options to meet Ukraine's financial needs and ensure that Russia cannot wait out the situation. These measures include, among other things, using the full value of frozen Russian assets in domestic jurisdictions.”
Western leaders can therefore impress again by making a “concrete decision” at the European Council meeting later this month. A reparations loan from frozen Russian funds is the right choice from a moral, financial and legal point of view. It's also a good political move. Today's Western leaders can rise to this historic moment, just as the victorious Allies did in the last century.
I’m Ashley Davis as an editor, I’m committed to upholding the highest standards of integrity and accuracy in every piece we publish. My work is driven by curiosity, a passion for truth, and a belief that journalism plays a crucial role in shaping public discourse. I strive to tell stories that not only inform but also inspire action and conversation.
