“We will continue to work together to develop a wide range of financing options to support Ukraine, including the possible use of the full value of Russian sovereign assets frozen in our jurisdictions pending Russian payment of reparations, with the goal of ending the war and ensuring a just and lasting peace in Ukraine,” the document says.
The G7 indicated that they intend to “remain within the legal framework” and support reforms in Ukraine, including the fight against corruption.
“We are also ready to increase pressure on the Russian Federation in the event of the failure of peace negotiations,” the Group of Seven promised.
Context
Some €185 billion of frozen Russian assets are managed by Brussels-based financial depository Euroclear. Another €25 billion is scattered across the EU in private bank accounts, wrote Politico.
On September 10, EC head Ursula 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, the head of the European Council, Antonio Costa, assured Ukrainian President Vladimir Zelensky that the leaders of EU member states 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. Belgian Prime Minister Bart de Wever He 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 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.
On December 2, the media reported that the EU had found an opportunity to use Russian billions for the needs of Ukraine without risk to Belgium.
