When asked whether he believes that Ukraine will be able to receive a reparation loan, Zelensky replied: “I don’t know whether it will be a reparation loan.” [кредит] or would this be an alternative. Depends on the unity of Europe and depends on some skeptics who still remain. I am confident that we will resolve this issue. The leaders promised me that they understand that Ukraine cannot live without this money. And the source of this money is a question for Europe.”
The President said that he would discuss this issue in Brussels with the President of the European Commission Ursula von der Leyen and the head of the European Council António Costa.
“Everyone understands and shares our opinion that, in the end, a decision must be made so that the frozen assets of Russia, which has been destroying Ukraine and continues to do so, will work for Ukraine for restoration or armament if the war does not end. We are counting on this money,” Zelensky emphasized.
Context
On September 10, von der Leyen announced a new strategy to support Ukraine using frozen Russian assets. As Reuters columnist Hugo Dixon explained, the proposal for a so-called reparations loan suggests that the country could be provided with financing from frozen Russian assets without outright confiscation.
On October 23, Costa assured Zelensky that the leaders of EU member countries would confirm their support for Kyiv and would be able to decide on a “reparation loan” from frozen Russian assets for the period 2026–2027. De Wever immediately named three conditions under which he would agree to support the idea of a “reparation loan.”
On November 7, the European Commission warned EU countries of the risk of annual costs of up to €5.6 billion if they do not agree on the creation of a “reparation loan” for Ukraine worth €140 billion at the expense of frozen Russian assets.
On November 13, Zelensky called on European allies to overcome differences over the use of frozen Russian assets, as new funding is critical for the country's war-ravaged economy to continue its fight against Moscow.
On November 15, Valérie Urbain, director of the Belgian depositary Euroclear, which manages frozen Russian assets, said she “does not rule out” legal action against the European Union if a decision is made to confiscate them.
There is growing dissatisfaction with Belgium's position in the European Union. EU countries accuse the government of insufficient disclosure of information about the use of taxes on these frozen assets. The European Union also suspects that Belgium may appropriate income from Russian assets frozen in Euroclear, Politico wrote.
On December 2, the same media reported that the EU had found an opportunity to use Russian billions for the needs of Ukraine without risk to Belgium.
